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Doherty welcomes momentum behind Bill to protect consumers’ rights when facing the banks

5 October, 2016 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty has welcomed the momentum building behind his Bill to be debated tomorrow in the Dáil which would allow consumers greater legal protection when facing the banks even in cases where the product was sold more than six years ago. He was speaking following a briefing for Oireachtas members where both the Free Legal Advice Centre and the Financial Services Ombudsman’s office indicated strong support for the measure.

Deputy Doherty said:

“I was delighted to host a briefing on my Bill to remove the current rules which prevent consumers from pursuing breaches of their rights by banks or any financial institution if it happened more than six years ago.  I am very happy to have the support of both FLAC and the Financial Services Ombudsman for the core issue in the Bill- the amending of the Statute of Limitations.

“Tracker mortgages, mis-sold Payment Protection Insurance, mortgage arrears and a host of other issues in recent years have brought into the public attention the treatment of consumers by the banks and other financial institutions.

“Yet, many consumers are excluded from making a complaint against a financial institution if the product was sold to them more than six years ago. This Bill would change these rules so that even if the product was sold more than six years ago a consumer can still pursue a complaint if they report it within two years of becoming aware of it.

“I hope the political support will match this broad consensus. I look forward to working with government and other parties to get this essential consumer protection issue on the statute books as soon as possible.” 

Note: The CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND (AMENDMENT)  will be debate in the Dáil tomorrow at 3:48pm

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