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ARTICLE · 04 APRIL 2025

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Horizon Scanner Finance April 2025 - Irish Developments

Arthur Cox
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The Bill was amended at Dáil Committee Stage in March 2025 to address an issue that arose in early 2024 in respect of the Ombudsman's remit.

IrelandFinance and Banking
Arthur Cox
Arthur Cox
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FINANCIAL SERVICES OMBUDSMAN

We expect the Financial Services and Pensions Ombudsman (Amendment) Bill to be finalised in April / May 2025.

The Bill was amended at Dáil Committee Stage in March 2025 to address an issue that arose in early 2024 in respect of the Ombudsman's remit.

The Ombudsman's view had been that his remit does not extend to complaints regarding how a borrower's Standard Financial Statement under the Code of Conduct on Mortgage Arrears is dealt with / assessed by a credit servicing firm where the mortgage loan was sold between 2015 and 2019. The Ombudsman views that as being a 'key decision' and therefore one that rested (between 2015 and 2019) with the legal title holder (who did not require to be regulated by the Central Bank of Ireland during that period) and not with the credit servicer (against whom the borrower lodged the complaint).

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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