Pearse Doherty Bill to end six year rule for complaints against financial institutions signed into law
Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed the signing into law of his Bill which removes the six year rule that had prevented consumers making a complaint to the Financial Services Ombudsman if the behaviour being complained about happened more than six years ago.
Deputy Doherty said:
“I am delighted the President today signed my bill into law.
“Thousands of consumers who have previously been turned away by the Financial Services Ombudsman or simply not applied because they knew of the rule are now free to re-apply.
“I urge everybody who believes they might now be eligible, to make a complaint to the Ombudsman.
“In particular I am aware of many complaints regarding the possible mis-selling of so-called whole of life policies and endowment policies that hopefully can now be heard by the Ombudsman.
“This new law is a major victory for consumers and will go some of the way at least in empowering consumers to be able to stand up to banks, insurers and other financial institutions they believe may have mistreated them.”