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25/02/2015
Action Needed On FSO Six Year Rule - FF
Fianna Fáil has claimed that thousands of consumers are being denied access to the Financial Services Ombudsman (FSO) due to a "restrictive six-year rule".
The party's financial spokesperson, Michael McGrath, made the comment following the publication of the FSO's annual figures for 2014.
Deputy McGrath stated: "I welcome the publication of the FSO's annual report for 2014 and the positive impact the new powers to 'name and shame' errant financial service providers is clearly having.
"The next step now is to address the six year rule which is denying tens of thousands of consumers the right to take a complaint to the FSO.
"The FSO, Mr Bill Prasifka, has confirmed in correspondence with me previously that about 1,000 consumer complaints – 12% of the total received every year – fall outside of the six year rule and cannot be handled by his office. On top of this, we know that many consumers with legitimate grievances that fall outside the six year rule will simply not even refer it to the FSO. We can safely conclude that there are tens of thousands of consumers in the country who believe they have been sold defective financial products but are denied access to the statutory ombudsman established to deal with such complaints."
(MH/CD)
The party's financial spokesperson, Michael McGrath, made the comment following the publication of the FSO's annual figures for 2014.
Deputy McGrath stated: "I welcome the publication of the FSO's annual report for 2014 and the positive impact the new powers to 'name and shame' errant financial service providers is clearly having.
"The next step now is to address the six year rule which is denying tens of thousands of consumers the right to take a complaint to the FSO.
"The FSO, Mr Bill Prasifka, has confirmed in correspondence with me previously that about 1,000 consumer complaints – 12% of the total received every year – fall outside of the six year rule and cannot be handled by his office. On top of this, we know that many consumers with legitimate grievances that fall outside the six year rule will simply not even refer it to the FSO. We can safely conclude that there are tens of thousands of consumers in the country who believe they have been sold defective financial products but are denied access to the statutory ombudsman established to deal with such complaints."
(MH/CD)
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