Tuesday, August 27 15:09:22
The Financial Services Ombudsman's office will from now on have new powers to name and shame firms that receive persistent complaints from consumers.
The Minister for Finance, Michael Noonan, today signed a Statutory Instrument commencing section 72 of the Central Bank (Supervision and Enforcement) Act 2013.
"I have given the Financial Services Ombudsman the power to name financial service providers who have at least three complaints against them substantiated. This additional provision will mean that financial service providers who are failing their customers will be publically identified and incentivised to make real improvements. The section will come into effect on 1st September," the Minister said.
He added that the Financial Services Ombudsman was consulted on the provisions of the legislation during its preparation and its passage through the Oireachtas.
Mr Noonan said he understands that the Ombudsman intends to publish his first report with these details early in 2014.