The Financial Services and Pensions Ombudsman (Amendment) Bill 2023 was introduced in response to the Zalewski ruling which impacted on organisations with a quasi-judicial function, such as the FSPO.

The FSPO is an independent, impartial, fair and free service that helps resolve complaints from consumers, including small businesses, against financial service providers and pension providers.

The bill also clarifies that customers of financial service providers that have left the Irish market will continue to be able to access the existing services and consumer protections afforded by the FSPO. 

It was also amended during the legislative process to address issues relating to access to the FSPO for certain mortgage holders whose loans had previously been sold before 2015 and between 2015 and 2018.

Speaking yesterday after the bill completed its journey through the Oireachtas, finance minister Paschal Donohoe said: “The FSPO (Amendment) Act will significantly improve the consumer protection framework in Ireland.

“I am pleased that this robust legislation has finally passed, which will ensure that the FSPO can continue to carry out its statutory functions, in their important role of protecting consumers in Ireland.”

Minister of state Robert Troy added: “The FSPO (Amendment) Act, which we passed today in the Oireachtas, will strengthen the consumer protection framework.

“The FSPO plays a vital role in the protection of consumers of financial services in Ireland. They have received over 6,000 complaints each of the last two years.

“Financial services firms need to greatly improve dealing with customer complaints, to reduce the need for consumers to bring a complaint to the FSPO in the first place.”