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28/08/2013
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.
Speaking about the new powers, Minister Noonan said: "I have given the Financial Services Ombudsman the power to name financial service providers who have at least three complaints against them substantiated.
"This additional provision will mean that financial service providers who are failing their customers will be publicly identified and incentivised to make real improvements. The section will come into effect on 1st September."
The Minister stated that the Financial Services Ombudsman was consulted on the provisions of the legislation during its preparation and its passage through the Oireachtas.
It is understood that the Ombudsman intends to publish its first report early in 2014.
(MH/JP)
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.
Speaking about the new powers, Minister Noonan said: "I have given the Financial Services Ombudsman the power to name financial service providers who have at least three complaints against them substantiated.
"This additional provision will mean that financial service providers who are failing their customers will be publicly identified and incentivised to make real improvements. The section will come into effect on 1st September."
The Minister stated that the Financial Services Ombudsman was consulted on the provisions of the legislation during its preparation and its passage through the Oireachtas.
It is understood that the Ombudsman intends to publish its first report early in 2014.
(MH/JP)
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