The contents of this presentation were accurate on the ...€¦ · Decision Case Studies - Banking...
Transcript of The contents of this presentation were accurate on the ...€¦ · Decision Case Studies - Banking...
The contents of this presentation were accurate on the date of presenting - 6th February 2020 - and should be used only as a reference by those who attended the full presentation.
Presentation to LIA
By Diarmuid ByrneDirector of Dispute Resolution
Office of Financial Services and Pensions Ombudsman
6 February 2020
• An Ombudsman resolves complaints made by someone ‘small’ against something ‘big’
Role of an Ombudsman
3
January 1, 2018 Act commences, FSPO opens
Mission Vision & Values
Who can complain to the FSPO
• Consumers
➢In addition to individual consumers the term ‘consumer’, for the
purpose of bringing a complaint to the FSPO, includes limited
companies and unincorporated bodies such as partnerships, charities,
clubs, trusts and sole traders with an annual turnover of no more than
€3m annually
• Pension scheme members and beneficiaries including current, former or potential members of group pension schemes or holders of PRSAs, beneficiaries and potential beneficiaries and representatives of deceased members
What Consumers can Complain About The CONDUCT of regulated financial service providers involving;
➢The provision of a financial service
➢An offer to provide a financial service
➢Refusal to provide a financial service
The conduct of a pension provider involving;
➢The alleged financial loss occasioned to a complainant by an act of maladministration done by or on behalf of the pension provider
➢Any dispute of fact or law that arises in relation to conduct by or on behalf of the pension provider
Registration & Referral
Dispute Resolution Service
Investigation & Adjudication Service
How We Now Manage Complaints
Registration & Referral
➢Register Complaints
➢Ensure complaint is complete and has a final response
➢Refer complaints back to provider where necessary
➢1,639 Complaints closed at this stage in 2018
Dispute Resolution Service – Default Option
➢Voluntary
➢Confidential
➢Can save time and money
➢Can provide flexible and innovative solutions
➢Can help to re-balance power between bigger and smaller parties
➢Can maintain relationships
➢2,331 closed through DRS in 2018
Investigation & Adjudication ➢We don’t just rely on the evidence the parties volunteer, we actively
investigate
➢Adjudicate based on what is fair and reasonable in the circumstances
➢ Not just about the terms and conditions
➢Take account of good practice as well as consumer and general law
➢Regulatory framework – codes of practice – consumer protection codes
➢Information provided – information not provided
➢473 complaints closed at this stage in 2018
Wide Range of Adjudicative Powers
Financial Services Complaints – can direct compensation of up to €500,000
Can direct rectification - can involve putting a person back to a position where they previously were before the complaint arose
➢Publish Decisions
➢Report on named financial service providers
➢Change a practice
➢Report to Central Bank
Pension Complaints can only restore any loss – cannot direct compensation
➢Publish case studies
Database of Decisions
➢Our database of legally binding decisions is available online at
www.fspo.ie/decisions.
➢Will include over 600 decisions by the end of February 2020
➢Can be searched by:
➢Sector
➢Product/service
➢Conduct complained of
➢Year
➢Outcome
➢Publish case studies of pension decisions in the Digest
Upcoming Publications
➢Mid February 2020
➢Publication of 2019 Decisions
➢Ombudsman’s Digest of Decisions Volume 2
➢End February 2020
➢Tracker Mortgage Decisions
➢Ombudsman’s Digest of Decisions Volume 3
➢March 2020
➢Overview of Complaints 2019
Mediation Case Studies
➢Insurance claim rejected – Non Disclosure
➢Insurance Income Protection
➢Banking Tracker Mortgage
➢Banking failure to provide release of property within reasonable time
➢Pension purchase of service
Decision Case Studies - Insurance
➢Car insurance policy cancelled because of incorrect date recorded for driver’s
licence
➢Car insurance policy cancelled due to non-disclosure of an accident
➢Rejection of an insurance claim and voiding of a house insurance policy for
non-disclosure
➢Dispute regarding value of stolen property
➢Rejection of a travel insurance claim
Decision Case Studies - Banking
➢Complex issues relating to separation of joint mortgage holders
➢Appointment of a receiver
➢Objection to the terms and conditions of a loan agreement
➢Access to shares in a credit union for a member who is a guarantor
➢Reporting of a customer’s credit rating to Irish Credit Bureau
Relationship with the Central Bank of Ireland
Legislation provides for exchange of information with the Central Bank with which
we have excellent interaction that assists to:
➢Avoid consumer detriment
➢Identify and deal with systemic issues/trends
➢Deal with serious issues – even if one off
WHY THE FSPO ?
Free to Complainants
Confidential & Private
No legal costs
Mediation is the preferred option
No undue regard to technicality or legal form
Can be expensive
Court has open hearings
Legal costs
Less Mediation
Can be overly technical
Ceisteanna?
Thank you for your attention.
For further information, please visit
www.fspo.ie