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ARTICLE · 14 SEPTEMBER 2012

New Naming Powers Proposed For The Financial Services Ombudsman

Matheson
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The Minister for Finance has expressed his backing for proposals to grant new powers to the Financial Services Ombudsman (FSO) to "name and shame" financial service providers against which complaints have been upheld.

IrelandFinance and Banking
Bríd Munnelly
Bríd Munnelly
Carina Lawlor
Carina Lawlor
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The Minister for Finance has expressed his backing for proposals to grant new powers to the Financial Services Ombudsman (FSO) to "name and shame" financial service providers against which complaints have been upheld. Until now, the FSO has been specifically precluded from identifying financial service providers which have been subject to investigation.

The issue was discussed in the context of the Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2011, which is a Private Members' Bill sponsored by an opposition TD (member of parliament).

This Bill proposes to amend the Central Bank Act 1942 to allow the FSO to publish written reports about complaints it has investigated and will also require the FSO to publish an annual report identifying the financial service providers against which complaints were made and the outcome of the FSO's investigations into these complaints.

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