Regulated Financial Service Providers

Section 2 (g) of the Central Bank and Financial Services Authority of Ireland Act 2004 provides:

a) a financial service provider whose business is subject to regulation by the Bank or the Regulatory Authority under this Act or under a designated enactment or a designated statutory instrument, or

(b) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank or the Regulatory Authority under this Act or under a designated enactment or designated statutory instrument, or

(c) in relation to Part VIIB only, any other financial service provider of a class specified in the regulations for the purposes of this paragraph.

Are foreign regulated financial service providers subject to investigation by the Ombudsman?

A financial service provider whose business is authorised and supervised by the authority of another EEA country which is comparable to the functions of the Central Bank and Financial Regulator in Ireland, is included in the definition of a ‘regulated financial service provider’ under section 2(g) of the Central Bank and Financial Services Authority of Ireland Act 2004. Accordingly, a complaint about a financial service provider regulated in another EEA country can be investigated by the Financial Services Ombudsman’s Bureau.

The Financial Services Ombudsman’s Bureau also cooperates with FIN-NET, the Cross-border Out-of-Court Complaints Network for Financial Services, which aims to facilitate the out-of-court resolution of consumer disputes when the service provider is established in an EEA country other than that where the consumer lives. The network brings together more than 35 different national schemes that either cover financial services or handle consumer disputes.

While the Financial Services Ombudsman’s Bureau can investigate a complaint about a financial service provider who is regulated by a comparable authority in another EEA country, under the FIN-NET/EEA MOU, the Financial Services Ombudsman’s Bureau may refer a consumer to another EEA dispute settlement body if it is deemed more appropriate for that body to deal with a complaint.

What do you do if your complaint is about a financial service provider who is regulated in another country?

If the financial service provider is regulated by a comparable authority in another country, you may refer your complaint to the Financial Services Ombudsman’s Bureau.

However, under the FIN-NET/EEA Memorandum of Understanding, in some circumstances, the Financial Services Ombudsman may deem it appropriate to refer your complaint to the settlement body in the country of your financial service provider. In this event, the Financial Services Ombudsman will advise you of the contact details of the appropriate settlement body.

What do you do if you are residing in another country but the financial service provider you are complaining about is regulated in Ireland?

If the financial service provider is regulated by the Financial Regulator, although residing outside of Ireland, you may refer your complaint to the Financial Services Ombudsman’s Bureau for investigation.