FSO To Publish Complaints Record

Fianna Fáil Finance Spokesperson Michael McGrath TD has received confirmation from Finance Minister Michael Noonan that the Financial Services Ombudsman (FSO) will be given the power to publish the complaints record of individual financial service providers.

A Fianna Fáil Bill to give this power to the FSO passed second stage in the Dáil in March 2012. Deputy McGrath raised the issue on the Order of Business recently and has since been advised in writing by Minister Michael Noonan that he intends to "bring forward an amendment at Committee Stage of the Central Bank (Supervision and Enforcement) Bill 2011 to provide Financial Services Ombudsman with the power to name, in certain circumstances and subject to certain conditions, financial service providers about whom the FSO has upheld complaints".

Deputy McGrath said: "It is the stated position of the FSO that the public interest would be best served by publishing the complaints record of individual financial service providers. This is particularly important given that the Ombudsman’s office received 8,135 complaints in 2012, up 12% on 2011 levels.

"We need to ensure that the public has access to accurate information about how financial service providers are treating customers and how they behave when their shortcomings are pointed out. It is vital that public confidence in the Irish financial system be restored. It is my view that greater transparency about the performance and behaviour of individual institutions is a basic pre-requisite to achieve this.

"I believe that publishing the complaints record of institutions would help to weed out remaining bad practices in the financial services industry. I have no doubt that publishing the complaints record of financial service providers will motivate them to clean up their act and improve the service provided to customers.

"I welcome the confirmation from the Minister that he intends to give this power to the FSO. However, I remain concerned at the lack of any timeframe to implement this. The bill that the Minister intends to use as the vehicle to give this power to the FSO – The Central Bank (Supervision and Enforcement) Bill 2011 – completed second stage in October 2011 and has yet to progress to committee stage."


Related Irish News Stories
Click here for the latest headlines.

07 December 2011
Stamp Duty Fall Welcomed By Dublin Chamber
The Dublin Chamber has hailed the Budget's reduction in commercial stamp duty, together with other measures to promote stability and demand, as a much-needed stimulus to the moribund commercial property market in Dublin.
27 January 2011
Green Financial Services May Create 7,000 Jobs
The current Taoiseach, Brian Cowen, has announced he believes new 'green' financial services could produce 7,000 jobs and "put Ireland at the heart of green business". According to Mr Cowen today, the Green International Financial Services Centre (IFSC) will target environmentally related financial services bringing employment and revenue.
28 August 2013
Financial Ombudsman Given Name And Shame Powers
New powers have been given to the Financial Services Ombudsman to name and shame financial institutions with three or more complaints made against them. Minister for Finance Micheal Noonan signed the new powers into force today, which commences section 72 of the Central Bank (Supervision and Enforcement) Act 2013.
29 October 2012
'Ireland Will Not Require A Second Bailout' - Schauble
German Finance Minister Wolfgang Schauble has said that Ireland will not require a second bailout. He made his comments after a meeting with Irish Finance Minister Michael Noonan and Minister for Public Expenditure and Reform Brendan Howlin.
14 September 2012
Noonan Begins Meetings With Eurozone Finance Ministers
Minister for Finance Michael Noonan has met with eurozone finance ministers at an informal meeting in Cyprus to present Ireland’s case for a reduction in its banking debt. Jean Claude Juncker, president of the group, congratulated the Government for the progress it has made in implementing the EU-IMF programme.