Ministers Donohoe & Troy welcome passing of the Financial Services and Pensions Ombudsman (Amendment) Bill
- Foilsithe: 10 Aibreán 2025
- An t-eolas is déanaí: 12 Aibreán 2025
The key aim of the Financial Services and Pensions Ombudsman (Amendment) Bill 2023 is to strengthen protections for financial consumers in Ireland by amending the legislation that underpins the FSPO, so that it can continue to carry out its statutory functions in line with the Constitution. This followed the Supreme Court Zalewski case that impacted on organisations that had a quasi-judicial function, such as the FSPO.
On the passing of the Bill today (Thursday), Minister for Finance Paschal Donohoe said:
“The FSPO (Amendment) Act will significantly improve the consumer protection framework in Ireland. I am pleased that this robust legislation has finally passed, which will ensure that the FSPO can continue to carry out its statutory functions, in their important role of protecting consumers in Ireland.”
Minister of State Robert Troy also commented:
“The FSPO (Amendment) Act, which we passed today in the Oireachtas will strengthen the consumer protection framework. The FSPO plays a vital role in the protection of consumers of financial services in Ireland. They have received over 6,000 complaints each of the last two years. Financial services firms need to greatly improve dealing with customer complaints, to reduce the need for consumers to bring a complaint to the FSPO in the first place.”
The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints from consumers, including small businesses, against financial service providers and pension providers.
The FSPO (Amendment) Act will significantly improve the consumer protection framework in Ireland. It broadens access to the FSPO to ensure that all mortgage holders will be able to access the existing services and consumer protections afforded by the FSPO.
There were very positive contributions from across the political spectrum on the Bill. This led to very constructive engagement with this legislation as it passed through the Houses of the Oireachtas over the last two years.
Now that the Financial Services and Pensions Ombudsman (Amendment) Bill 2023 has passed all stages in the Houses of the Oireachtas as of today, it will now be sent to Uachtarán na hÉireann to be signed into law.
Notes
The Financial Services and Pensions Ombudsman (FSPO) is an independent, impartial, fair and free service that helps resolve complaints from consumers, including small businesses, against financial service providers and pension providers.
The Financial Services and Pensions Ombudsman (Amendment) Bill 2023 was originally published on 19 December 2023. The aim of the Bill is to strengthen protections for financial consumers in Ireland by introducing amendments to the legislation that underpins the FSPO, so that it can continue to carry out its statutory functions in line with the Constitution.
The need to introduce these targeted amendments arose following a Supreme Court decision (Zalewski case) regarding the Workplace Relations Commission and its quasi-judicial role.
In addition, the Bill clarifies that customers of financial service providers that have left the Irish market will continue to be able to access the existing services and consumer protections afforded by the FSPO.
The previous FINPERT Oireachtas Committee published its pre-legislative scrutiny report on the General Scheme of the Bill in June 2023. The report’s recommendations were considered as part of the drafting of the Bill.
At Dáil Second Stage in February 2024, an issue arose about access to the FSPO for certain mortgage holders whose loans had previously been sold before 2015 and between 2015 and 2018. Following the advice of the Attorney General, a Committee Stage amendment to address these matters and ensure broad access to the FSPO was drafted and approved by Government on 16 July 2024.
The Bill, which included that new amendment, passed Committee and all remaining Dáil stages on 5 March 2025.
The Bill then went through the Seanad: Seanad Second Stage (26 March), Seanad Committee Stage (1 April), and Seanad Report & Final Stage (10 April).
The FSPO received 6,185 complaints in 2024, maintaining the historically high level of complaints received in 2023 (6,182).
There had already been a 30% increase in complaints received in 2023 in comparison with 2022.
In total, €5.7 million was delivered in outcomes to consumers in 2024.
In March, the FSPO published their 2024 Annual Overview of Complaints.