The Minister for Finance, Mr Brian Cowen, T.D., on Tuesday welcomed the announcement by the Financial Services Ombudsman Council that it had appointed Joseph Meade as the first Financial Services Ombudsman.
“I wish Mr Meade the very best in the important role that he is about to assume. The establishment of the Financial Services Ombudsman Bureau is an important further step in ensuring that the consumer of financial services gets a fair deal. Providing a simple way for an aggrieved customer to get redress is in everyone’s interest – a fact that was already recognised by the banking and insurance industries when they established their non-statutory ombudsman schemes”, the Minister said. “I look forward to the development of a close working relationship between the Ombudsman and the Financial Services Regulatory Authority in the area of consumer protection”.
“I wish to thank the members of the Ombudsman Council, under their Chairman, Dr Con Power, for the tremendous work they have done in the past 6 months in order to ensure that the Ombudsman was up-and-running by the 1st of April. I also wish to thank the existing ombudsman schemes, and the industry federations, for their continued cooperation in ensuring a smooth transition from the existing ombudsman schemes to the new statutory scheme. I am delighted that the new Ombudsman will be able to benefit from the continued dedicated work of Caroline Gill, Gerry Murphy and their staffs”, the Minister added.
The Financial Services Ombudsman Bureau was established on a statutory basis under the Central Bank and Financial Services Authority of Ireland Act 2004 and opened for business on Friday last, 1 April 2005.
The Financial Services Ombudsman, an independent officer, will ensure that unresolved complaints from customers of regulated financial service providers are investigated, mediated and adjudicated fairly within a statutory framework and under Regulations made by the Financial Services Ombudsman Council with the prior approval of the Minister for Finance. The Ombudsman is empowered to make awards up to limits prescribed from time-to-time by Council Regulations, and such awards are binding on both parties subject to appeal to the High Court.
The existing voluntary Ombudsman for the Credit Institutions and the Insurance Ombudsman of Ireland schemes are incorporated into the Bureau. Existing complaints still in process will be carried forward to the statutory scheme.
The Bureau is being expanded to cover members of Credit Institutions and the customers of brokers, all other regulated financial service providers, and such other financial service providers as designated by Regulation made by the Minister for Finance to come within the ambit of the Ombudsman.
A full schedule of the operational dates for the commencement of complaint handling procedures, for the expanded sectors, in respect of all complaints eligible under the Act from 1 April 2005 will be published by 20 June 2005. Eligible consumers include all personal customers, SMEs and unincorporated bodies.