Press Release - 23 June 2005

FINANCIAL SERVICES OMBUDSMAN TO EXPAND COMPLAINTS HANDLING.

The Financial Services Ombudsman's Bureau was established on a statutory basis and opened for business on 1st April 2005. The Financial Services Ombudsman, Joe Meade, as an independent officer, ensures that unresolved complaints from customers of regulated financial service providers are investigated, mediated and adjudicated fairly. The Ombudsman is empowered to make awards up to €250,000 and awards are binding on both parties subject to appeal to the High Court. Eligible consumers include all natural persons, limited companies with a turnover of €3 million or less (SMEs) and all unincorporated bodies, including clubs, charities, trusts, partnerships etc.

The existing voluntary Ombudsman for the Credit Institutions and the Insurance Ombudsman of Ireland schemes were incorporated into the Bureau. The Bureau also covers members of Credit Unions, customers of brokers, intermediaries, moneylenders and all other financial service providers.

Not all complaints received from 1 April could be investigated by the Ombudsman from day one. From 1 April complaints under the schemes for insurance and credit institutions -both old and new- are being processed. The Financial Services Ombudsman Council has approved a proposal by the Ombudsman that complaints against all other financial services providers should be handled by 31 December 2005 at the latest and the timetable for dealing with these complaints will be as follows

• For cases already received a ‘prompt’ mechanism has been put in place by the Bureau to activate the case on the appointed date. Indeed some cases on hand may be dealt with in the meantime.

• The latest dates for case handling by the Bureau are

Credit Unions: 1 August 2005

Insurance and Mortgage Brokers: 1 October 2005

Moneylenders: 1 November 2005

All other categories: 1 December 2005

Further information available from
Financial Services Ombudsman's Bureau,
32 Upper Merrion Street,
Dublin 2.
Lo call 1890 88 20 90
Tel: 01-6620899
Fax: 01-6620890
Email address enquiries@financialombudsman.ie
Website address. www.financialombudsman.ie