Sinn Féin has a private members bill in the Dáil today to extend the 6 year time limit
3.48 p.m. Private Members Bill:
Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014 — Second Stage — Pearse Doherty
It seems that the most significant proposal is to allow complaints to be brought up to 2 years after the consumer became aware of the problem.
CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY
OF IRELAND (AMENDMENT) BILL 2014
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EXPLANATORY MEMORANDUM
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Section 1 contains the definitions used throughout the Bill.
Section 2 brings the definition of consumer in line with the version
used in both the Consumer Protection Code and in the Consumer
Credit Act.
Section 3 removes the words ‘‘in an informal manner’’ and
‘‘without regard to technicality and legal form’’. These deletions are
designed to reflect the fact that many complaints involve the alleged
breaches of statutory rules.
Section 4 empowers the Financial Services Ombudsman to
investigate complaints
Section 5 places greater pressure on the financial service provider
to engage in the mediation process. Where the complainant has
agreed to participate in the mediation process the financial services
provider must provide the Financial Services Ombudsman with
convincing reasons for not engaging.
Section 6 allows for a greater range of findings on completion of
an investigation. Currently the possible findings are limited to
substantiated, not substantiated and partially substantiated. The Bill
allows for findings of upheld, substantially upheld, substantially
rejected or rejected.
Section 7 allows for an appeal to be taken to the Circuit Court
rather than the High Court. This would be a full re-hearing and a
period of 60 days should be allowed for this appeal to be lodged.
Section 8 follows from Section 7 replacing the right of appeal to
the High Court with a right of Appeal to the Circuit Court. The
further Right of Appeal to the High Court replaces the further Right
of Appeal to the Supreme Court.
September, 2014.