The Financial Services Ombudsman

Introduction

The office of the financial services ombudsman (hereinafter FSO) was created by the Central Bank and Financial Services Authority of Ireland Act 2004 which inserted sections into the Central Bank Act 1942 (hereinafter the Act of 1942).

Some prerequesites for a claim are:-

• A claim can only brought by a consumer which is defined to include a natural person or an incorporated body with an annual turnover of less than €3 million.
• A complaint can only be made against a regulated financial services provider (FSP) (as defined in Central Bank Act 1942 as amended). Generally this is a FSP regulated by the Central Bank or IFSRA or by an authority in the EEA country that performs similar functions. The definition is sufficiently broad to cover most banks, insurance companies, brokers, investment providers and investment advisers resident within Ireland. Difficulties can arise where the FSP is resident outside Ireland.