Letter from Central Bank of Ireland to Financial Ombudsman Bureau

 

Mr Conor Cashman
Publication of Information on Complaints Record of Providers
 Financial Services Ombudsman's Bureau
3'd Floor Lincoln House Lincoln
Dublin 2

6 September 2011

Dear Mr Cashman
We refer to the recent invite by the Financial Services Ombudsman's Bureau (F50B) for observations on the view of the FSOB that individual providers should be identified in reports, such as the Bi-Annual Reviews of the FSOB.

The Central Bank of Ireland's high level goals includes ensuring that the best interests of consumers Of financial services are protected. Accordingly, we welcome the FSOB's proposals that individual providers should be identified in reports, as we feel the inclusion of this additional information, would provide a greater degree of transparency and information not only for consumers but also for the wider market.

Any reporting, such as naming financial service providers, would need to ensure the data is fairly presented to take account of all relevant factors, such as the types and sizes of the financial services providers.

We trust the foregoing will be of assistance to you and do not hesitate to contact me if I can be of any further assistance.

Yours sincerely

Bernard Sheridan Director, Consumer Protection
Central Bank of Ireland