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Pearse Doherty TD welcomes cross-party support for bill to remove time limits on complaints against banks

6 October, 2016 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty has welcomed the passing by the Dáil to the next stage of his bill to allow consumers make complaints against banks even after a six year period. He said he hoped this core issue of the bill can be put into law as soon as possible.

Speaking from Leinster House this afternoon Teachta Doherty said;

“I am delighted this bill will now move to Committee stage. Crucially this means that now the law will 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. Hundreds of cases are deemed not eligible every year by the Financial Services Ombudsman which could be related to this six year rule.

“In 2011 the Law Reform Commission described the Statute of Limitations provisions as ‘archaic’. I wish to commend the Free Legal Advice Centre on whose 2014 report ‘Redressing the Imbalance’ many of the recommendations in my bill are based on.

“I note the government intention to also legislate in this area and look forward to cooperating with the minister, other parties and his officials.”

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