Michael McGrath (Cork South Central, Fianna Fail)
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192. To ask the Minister for Finance the recourse available to persons who believe they have been mis-sold a whole of life assurance policy; and if he will make a statement on the matter. [4456/16]

Michael Noonan (Limerick City, Fine Gael)
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If a consumer has made a formal complaint to the financial institution in question and is not satisfied with the outcome they may wish to refer the matter to the Financial Services Ombudsman to have it independently investigated.  

The Financial Services Ombudsman Bureau was established under the Central Bank and Financial Services Authority of Ireland Act 2004. The Financial Services Ombudsman is an out of court redress body that is free to the complainant. This legislation provides the Financial Services Ombudsman with various powers in order to determine jurisdiction on a complaint. Included in this is a statutory timeframe.

Section 57BX (3)(b) provides:

"A consumer is not entitled to make a complaint if the conduct complained of occurred more than 6 years before the complaint is made."

Therefore, the legislation prohibits the Financial Services Ombudsman from examining any aspect of a complaint where the conduct being complained of occurred more than 6 years prior to the receipt of the complaint in his Office.

My Department has been progressing the amalgamation of the Offices of the Financial Services Ombudsman and the Pensions Ombudsman. The question of the timeframe under which complaints can be reviewed is a policy matter which will be considered as the legislation to effect the amalgamation is being developed. I am of course mindful of the need to provide the necessary protection to the consumer over the longer term. However, the issues in this regard are complex involving a range of considerations including the interface with the Statute of Limitations, existing consumer protection laws, complaints mechanisms and the availability of records.

Of course, the Financial Service Ombudsman provides a free alternative dispute resolution service and people who believe they have been mis-sold a policy could opt to pursue the issue through the Courts instead.