Dáil Éireann Debate, Tuesday - 22 October 2024
256. Deputy Pearse Doherty asked the Minister for Finance the average wait times for complaints with the Financial Services and Pensions Ombudsman to be actioned and a decision reached for each year since 2020, in tabular form; and if he will make a statement on the matter. [43202/24]
Amharc ar fhreagraThe Financial Services and Pensions Ombudsman (FSPO) is an important part of the robust consumer protection framework in place in Ireland to support consumers of financial products and services.
It is an independent and impartial statutory body that helps to resolve complaints from consumers, including small businesses and other organisations, about the conduct of regulated financial service providers and pension providers.
Complaints brought to the FSPO are investigated in accordance with the circumstances of the complaint and can vary in terms of their complexity.
The table below shows the number of complaints received and closed by the FSPO for each year from 2020 to 2023 and the average time from receipt to closure:
|
Complaints Received |
Complaints Closed |
Average time from receipt to closure (months) |
|
|
2020 |
5,395 |
6,193 |
10 |
|
2021 |
4,658 |
5,010 |
10 |
|
2022 |
4,781 |
4,647 |
10 |
|
2023 |
6,182 |
5,184 |
9 |
In 2023:
• The FSPO received 6,182 complaints in 2023 representing an increase of 29% on the previous year and 5,184 complaints were closed.
• 85% of complaints were closed within 12 months of the complaint being made. This was mainly through resolution via the Dispute Resolution Services (mediation) and early-stage assessments and interventions by their Customer Operations and Information Management department. This includes when a complaint was resolved directly between the parties, or if a complaint fell outside the jurisdiction of the FSPO.
• For all complaints that closed in 2023, including tracker mortgage complaints, the average time from receipt of complaint to closure, was 9 months.
• For non-tracker mortgage complaints that closed in 2023, the average time from receipt to closure, was 7 months.
• Certain more complex complaints, including those requiring a formal adjudication process or formal jurisdictional assessment, or both, take longer to resolve. This reflects the fact that adjudications by the FSPO are legally binding and accordingly, it is important that due process is followed and that both parties are allowed to make submissions and offer observations on the evidence and on the other party’s submissions, as appropriate.
In December 2023, the Minister for Finance sanctioned a significant increase in additional staff for the FSPO under its Workforce Plan 2024-2026. This increased the sanctioned staff complement from 90.2 to 128, a 42% increase in FSPO staffing.
The implementation of this Workforce Plan will increase the FSPO’s resources and the capacity of the organisation to resolve cases promptly. The FSPO has been actively recruiting and training these additional staff throughout the year.
