The Financial Services and Pensions Ombudsman (FSPO) is an independent and impartial statutory body that helps resolve complaints by consumers about the conduct of regulated financial service and pension providers.
The most recent data provided by the FSPO indicates that 86% of complaints which are closed are done so within 12 months. However, some, generally more complex complaints, are taking longer to resolve. This reflects the fact that FSPO adjudications are legally binding.
In December 2023, an increase of over 40% in staff numbers at the FSPO, from 90 to 128, was sanctioned in order to help resolve complaints more promptly. This increase in staffing is expected to significantly improve the number and timeliness of complaints being resolved.
Given that the Ombudsman is independent in the performance of their functions, as Minister for Finance, I have no role in any individual complaints or the decision-making processes of the FSPO.
The FSPO has indicated that any complainant or provider may contact the FSPO directly if they have any query in respect of a complaint to which they are a party.
Members of the Oireachtas seeking information relating to the FSPO can also do so through a dedicated email address: oireachtas@fspo.ie.