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Two Irish ombudsmen to merge into one

Chris Hamblin, Editor, London, 27 September 2017

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The Irish Financial Services and Pensions Ombudsman Act 2017 provides for the merger of the Pensions Ombudsman and the Financial Services Ombudsman, with finance minister Michael Noonan, by order, intending to appoint an "establishment day" for the purposes of the Act.

Regulated financial service providers and pension providers are to be subject to the new ombudsman’s remit. The merger will establish the Financial Services and Pensions Ombudsman (FSPO) as an independent officer to resolve complaints about the conduct of regulated financial service and pension providers through mediation and where necessary by investigation and adjudication. The Act will also establish the Office of the Financial Services and Pensions Ombudsman to support him.

The ombudsman and the office aim to:

  • ensure that the complaint resolution process is accessible, that complaints are dealt with efficiently and effectively and, where possible, informally;
  • ensure that complaints are adjudicated fairly; and
  • improve the public's understanding of issues related to complaints and associated "consumer protection" matters.

The new ombudsman will have statutory powers to resolve disputes between parties and to insist on "rectification." If the complaint relates to a financial service, he will be able to order the payment of compensation of up to €250,000 (£219,400). His findings are to be legally binding, subject only to an appeal to the High Court.

The office proposes to appoint a suitable person to the post of clerical officer and is recruiting now.

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