The key aim of the Financial Services and Pensions Ombudsman (Amendment) Bill 2023 is to strengthen protections for financial consumers in Ireland by amending the legislation that underpins the FSPO, so that it can continue to carry out its statutory functions in line with the Constitution. This followed the Supreme Court Zalewski case that impacted on organisations that had a quasi-judicial function, such as the FSPO.
On the passing of the Bill today (Thursday), Minister for Finance, Paschal Donohoe said:
“The FSPO (Amendment) Act will significantly improve the consumer protection framework in Ireland. I am pleased that this robust legislation has finally passed, which will ensure that the FSPO can continue to carry out its statutory functions, in their important role of protecting consumers in Ireland.”
Minister of State, Robert Troy, also commented:
“The FSPO (Amendment) Act, which we passed today in the Oireachtas will strengthen the consumer protection framework. The FSPO plays a vital role in the protection of consumers of financial services in Ireland. They have received over 6,000 complaints each of the last two years. Financial services firms need to greatly improve dealing with customer complaints, to reduce the need for consumers to bring a complaint to the FSPO in the first place.”
The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints from consumers, including small businesses, against financial service providers and pension providers.
The FSPO (Amendment) Act will significantly improve the consumer protection framework in Ireland. It broadens access to the FSPO to ensure that all mortgage holders will be able to access the existing services and consumer protections afforded by the FSPO.
There were very positive contributions from across the political spectrum on the Bill. This led to very constructive engagement with this legislation as it passed through the Houses of the Oireachtas over the last two years.
Now that the Financial Services and Pensions Ombudsman (Amendment) Bill 2023 has passed all stages in the Houses of the Oireachtas as of today, it will now be sent to Uachtarán na hÉireann to be signed into law.
