6 year time limit to be amended?

Discussion in 'The Financial Services Ombudsman' started by Brendan Burgess, Oct 6, 2016.

  1. Brendan Burgess

    Brendan Burgess Founder

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  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    30,943
    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.

    upload_2016-10-6_11-16-5.png

    CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY
    OF IRELAND (AMENDMENT) BILL 2014
    ————————
    EXPLANATORY MEMORANDUM
    ————————
    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.
     
  3. peemac

    peemac Frequent Poster

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    110
    Thought it would have been posted already. Report by Charlie Weston last Thursday said that time limits for financial ombudsman were to be lifted and aligned with the pensions ombudsman.

    Might concentrate banks minds on current CB investigation as otherwise a flood of new ombudsman cases will be on the horizon.

    He does say that its not known if it'll be retrospective.

    http://m.independent.ie/business/ir...ancial-complaints-to-be-changed-35106449.html
     
  4. Brendan Burgess

    Brendan Burgess Founder

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    30,943
    I haven't been following this much, but I note this issue coming before the Oireachtas Finance Committee on Thursday.

    Finance, Public Expenditure and Reform, and Taoiseach (Select) CR2, LH 2000 12.15 p.m.
    AGENDA: Statute Law Revision Bill 2016 [Minister of State for Financial Services, eGovernment and Public Procurement]

    Update: This has nothing to do with the 6 year time limit. It's about repealing old bills which are no longer needed.

    But while I am on the topic - anything happening with the Sinn Féin Bill?

    Brendan
     
  5. Brendan Burgess

    Brendan Burgess Founder

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    I got a response from Pearse's office

    Pearse's Bill was passed at Second Stage with unanimous support.

    It has since been to the Committee for scrutiny alongside the government's Heads of Bill on the amalgamation of the FSO and pensions ombudsman- debate here:

    https://www.kildarestreet.com/committees/?id=2016-10-27a.135&s=ombudsman

    As you can see the government proposal also removes the absolute 6 year limit.
     
    MrEarl likes this.
  6. Gerry Canning

    Gerry Canning Frequent Poster

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    2,517
    This canard about (removing) the 6 year limit goes way back.
    Governments have (studiously) avoided correcting this until well over 6 years have elapsed from meltdown in 2008.
    It means we have (forgotten) or don,t hold info to process claims and /or the companies have since gone away/bust etc.
    Glad to see abosulte 6 year removed , suppose better late than never .

    I find it telling that Sinn Fein is the party to get sorted what should have been sorted years ago ?.
    I find it telling that most consumer/taxpayer issues are raised by the smaller parties eg Nama etc ?
    And we wonder why fringe parties are on the rise world wide ?

    I really do worry are the Big Parties for the people or against the people ?
     
  7. johnny1234

    johnny1234 Frequent Poster

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    132
    On the same tropic, I spoke with the Ombudsman's office a couple of weeks ago and the person that I spoke with said they didn't think this would become in to law for ages yet.

    Frankly, I do feel that some of the persons in the Ombudsman's office offer a tainted view, especially when questions are put to them concerning certain institutions, where levels of favoritism are sided towards the institution concerned.
     
  8. MrEarl

    MrEarl Frequent Poster

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    1,016
    IMHO, the Big Parties are definitely for (their own) people :(
     
  9. roker

    roker Frequent Poster

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    1,402
    I may be out of context here, but the tax man can go back as far as he likes
     
  10. Gerry Canning

    Gerry Canning Frequent Poster

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    2,517
    The removal of 6 year rule goes way way back and was recommended years ago by Law Reform Comm.
    Normally Comm recommendations are acted upon by Government , but this wasn,t = ??.
    It is only NOW with enough time to ensure us plebs forget, and have scrapped old docs, it might be brought in !

    The slowness was without doubt, Bank Protection by Central Bank, Ombudsman & Government , they commit the old sin of (omission).
    So by doing nothing our (protectors ) have dodged !
    Ezample ...On PPI (payment protection insurance) , had we followed UK example the payout in Ireland would have exceeded 2.5 BIllion , I think people were lucky to get the smaller half-billion on mortgage issues.

    to REPEAT .........That figure is 2.5 BILLION.......