Legal References
Legal ReferencesLegal and other references
The Financial Services and Pensions Ombudsman Act 2017
SI 6 of 2023 – FSPO Industry Levy
SI 154 of 2018 - Financial Services and Pensions Ombudsman(Compensation)Regulation 2018
Waiver of the internal dispute resolution process
Codes of Conduct relevant to regulated Financial Service Providers
- Code of Conduct on Mortgage Arrears - issued by the Central Bank of Ireland (Adobe PDF)
- Consumer Protection Code 2012 - issued by the Central Bank of Ireland of Ireland (Adobe PDF)
- Mortgage Arrears - A Consumer Guide to Dealing with your Lender - issued by the Central Bank of Ireland (Adobe PDF)
- Consumer Protection Code for Licensed Moneylenders
- Code of Conduct for Business Lending to Small and Medium Enterprises 2012
- Code of Conduct on the Switching of Payment Accounts with Payment Service Providers
Time Limits for Making Complaints to the FSPO
Section 51 of the Financial Services and Pensions Ombudsman Act 2017 prescribes that any complaint about a "long-term financial service", can be made not only within a period of six years of the date of the conduct complained of, but also within a period of three years of a certain "date of knowledge" as prescribed within the Act. In addition, the Ombudsman has a statutory discretion, regarding such complaints, to extend the time if there are reasonable grounds for requiring a longer period and it would be just and equitable in all the circumstances to do so.
The definition of a "long-term financial service" was amended by Section 9 of the Markets in Financial Instruments Act 2018 and the definition now includes additional provisions. This somewhat complex statutory amendment now forms an integral part of the FSPO's remit.
Complaints to the FSPO and related legal proceedings
Section 50(3) of the Financial Services and Pensions Ombudsman Act 2017 (the "Act") prohibits the FSPO from investigating a complaint where the issues arising are, or have been, the subject of court proceedings. The Act also provides an avenue for one of the parties involved to make an application to the Court, so that the FSPO can be permitted to proceed with the investigation of the complaint. Such a decision is entirely a matter for the Court and may involve the Court determining whether the issues raised in the litigation and in the complaint are so interlinked that it may be best for the Court to deal with all aspects of the matter. Alternatively, the Court may be willing to permit the investigation of the complaint by the FSPO, prior to the issues in the litigation then being progressed. The FSPO has no discretion in such matters as the governing legislation makes it clear that it is for the Court to make that decision. Where the Court is disposed to permitting the investigation of the complaint by the FSPO, the FSPO will require sight of the relevant "Section 49 Order" made by the Court.
