Sinn Féin Bill seeks to remove restriction on consumers taking cases against banks
Sinn Féin Finance spokesperson Pearse Doherty has urged TDs from all parties and none to support his legislation which will be debated in the Dáil today to remove the statute of limitations for consumers to seek redress from financial institutions of their rights.
Speaking from Leinster House this afternoon Teachta Doherty said;
“This Bill if passed would remove the blanket ban on a consumer from seeking redress for a breach of their rights by a financial institution if that breach occurred more than six years ago.
“Instead the law would be changed so that a consumer would have full access to the Financial Services Ombudsman and legal routes if they seek redress within two years of becoming aware of the breach.
“This is a huge step forward for consumer rights. Ongoing issues like the tracker mortgages investigation shows how when dealing with financial products a six year limit makes no sense.
“In 2011 the Law Reform Commission described the Statute of Limitations provisions as ‘archaic’.
“This week an Oireachtas briefing heard the Free Legal Advice Centre and the Deputy Financial Services Ombudsman give full support to the amending of the Statute of Limitations as per the bill.”