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The Minister for Finance, Michael Noonan T.D. and the Minister of State for Financial Services, Eoghan Murphy TD have today published the General Scheme of the Financial Services and Pensions Ombudsman Bill 2016. The General Scheme (or “heads”) were recently forwarded to the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach in line with an earlier Government decision.
Speaking this morning, Minister Eoghan Murphy said:
“This is a significant milestone in the progression of legislation to amalgamate the offices of the Financial Services Ombudsman and Pensions Ombudsman. The draft legislation will also consolidate and update the legislation in relation to the role and functions of the Ombudsman, the Council and the consumer complaints procedure.”
The heads of Bill are priority legislation for the Minister for Finance. Minister for Finance, Michael Noonan T.D. said:
“This legislation concerning the hearing of consumer complaints by the Ombudsman is important legislation and should help improve the service to the consumer of financial services and pensions provided by two existing bodies.”
This legislation features prominently on the legislative programme set out by the Office of the Government Chief Whip and is therefore expected to undergo Pre-Legislative Scrutiny during this session. The Government will of course work in collaboration with the relevant committee.