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“Turning poachers into gamekeepers”
Ombudsman Association’s biennial Conference May 2015
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Lincoln Place, Dublin 2 35 staff
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Our Mission “Independent adjudication on unresolved disputes between Complainants and Financial Service Providers, in an independent and impartial manner, thereby enhancing the financial services environment for all stakeholders”
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Background to FSO Established in 2005 under The Central Bank and Financial Services Authority of Ireland Act 2004
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Statutory Objectives Informal complaints /consumer protection
Independent Efficient Effective Fair Informal Improve public understanding regarding complaints /consumer protection
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Who can complain to us? All personal customers
Limited companies with a turnover of €3,000,000 or less Unincorporated bodies, charities, clubs, partnerships, trusts, etc.
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Our powers Investigate /adjudicate complaints
Award compensation up to €250k Direct rectification Findings - legally binding, appealable only to the High Court Accessible & free service to the consumer
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Our stakeholders Complainants Providers & provider organisations
Central Bank of Ireland Department of Finance Council Media
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Who & what do we deal with?
700 institutions within FSO’s remit 34 product types & 80 types of complaint Accounts Health insurance Travel /Life Insurance Motor & House Insurance Mortgages Investments
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2005-2015 the story so far.. Demand led service
Unprecedented volume over the last 5 years Legacy issues connected with financial crisis Operational challenges & uncertainty Backlogs Legal environment – unique challenges
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At its peak....
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Statutory Office – cannot turn off the tap
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FINANCIAL CRISIS MORTGAGE ARREARS CLIMBING COMPLAINTS MELTDOWN
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We have moved to a new era - Why ? How ?
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New /closed complaints
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Complaint Trends
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Was it carrot or stick ?
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Why the reduction?
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Why the reduction? Change to our procedures :
Active engagement between Provider and Consumer BEFORE coming to us -
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Why the reduction? September 2013 – Legislative Change Power to set out complaints records of individual providers
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Financial Services Ombudsman given Name and Shame powers
Finance houses face a three strikes and you are out policy under new rules allowing a watchdog to name and shame
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Provider Engagement 2013/14 – significant provider engagement programme Encouraged adoption of our methodology Reputation was a driver Result – increasing evidence of more engagement by Providers to resolve complaints at early stage
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Engagement & Settlement
FSO has always encouraged parties to resolve issues before coming to FSO Encourage discussion and meaningful engagement with Consumers Best outcome = resolve issues without need for adjudication by FSO
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CHALLENGES
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New /closed complaints
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Our Mission “Independent adjudication on unresolved disputes between Complainants and Financial Service Providers, in an independent and impartial manner, thereby enhancing the financial services environment for all stakeholders”
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THANK YOU
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