Press Release - 24 November 2011
Findings of the Financial Services Ombudsman are Legally Binding - Statement sent to TV3
The following is a copy of a statement by the Financial Services Ombudsmanís Bureau sent to TV3 on 24th November 2011:
We note that in your programme "Midweek" broadcast on 23rd November 2011, in the course of a discussion on insurance claims, one of your panellists may have given the following impression to viewers;
- (1) That remedies sought by persons with an insurance related complaint through the Financial Services Ombudsmanís Bureau, are not proper legal remedies, and;
- (2) That recommendations or directions by the Financial Services Ombudsman are not legally binding.
Any such impression is incorrect.
It should be noted:
- The Financial Services Ombudsman's Bureau has been established since 2005. The Financial Services Ombudsman is a statutory officer who deals independently with unresolved complaints from consumers about their individual dealings with all regulated financial service providers. The Ombudsman may make compensation awards up to Ä250, 000.
- Findings of the Financial Services Ombudsman are legally binding on all parties to a complaint subject only to an appeal to the High Court (Section 57 CI(9) of the Central Bank and Financial Services Authority of Ireland Act, 2004).