1. “Turning poachers into gamekeepers”
Ombudsman Association’s biennial Conference
May 2015

2. Lincoln Place, Dublin 2
35 staff

3. Our Mission
“Independent adjudication on unresolved disputes between Complainants and Financial Service Providers, in an independent and impartial manner, thereby enhancing the financial services environment for all stakeholders”

4. Background to FSO
Established in 2005 under The Central Bank and Financial Services Authority of Ireland Act 2004

5. Statutory Objectives Informal complaints /consumer protection
Independent
Efficient
Effective
Fair
Informal
Improve public understanding regarding
complaints /consumer protection

6. Who can complain to us? All personal customers
Limited companies with a turnover of €3,000,000 or less
Unincorporated bodies, charities, clubs, partnerships, trusts, etc.

7. Our powers Investigate /adjudicate complaints
Award compensation up to €250k
Direct rectification
Findings - legally binding, appealable only to the High Court
Accessible & free service to the consumer

8. Our stakeholders Complainants Providers & provider organisations
Central Bank of Ireland
Department of Finance
Council
Media

9. Who & what do we deal with?
700 institutions within FSO’s remit
34 product types & 80 types of complaint
Accounts
Health insurance
Travel /Life Insurance
Motor & House
Insurance
Mortgages
Investments

10. 2005-2015 the story so far.. Demand led service
Unprecedented volume over the last 5 years
Legacy issues connected with financial crisis
Operational challenges & uncertainty
Backlogs
Legal environment – unique challenges

11. At its peak....

12. Statutory Office – cannot turn off the tap

13. FINANCIAL CRISIS
MORTGAGE
ARREARS CLIMBING
COMPLAINTS
MELTDOWN

14. We have moved to a new era - Why ? How ?

15. New /closed complaints

16. Complaint Trends

17. Was it carrot or stick ?

18. Why the reduction?

19. Why the reduction? Change to our procedures :
Active engagement between
Provider and Consumer
BEFORE coming to us -

20. Why the reduction?
September 2013 – Legislative Change Power to set out complaints records of individual providers

21. Financial Services Ombudsman given Name and Shame powers
Finance houses face a three strikes
and you are out policy under new
rules allowing a watchdog to
name and shame

22. Provider Engagement
2013/14 – significant provider engagement programme
Encouraged adoption of our methodology
Reputation was a driver
Result – increasing evidence of more engagement by Providers to resolve complaints at early stage

23. Engagement & Settlement
FSO has always encouraged parties to resolve issues
before coming to FSO
Encourage discussion and meaningful engagement with
Consumers
Best outcome = resolve issues without need for
adjudication by FSO

24. CHALLENGES

25. New /closed complaints

26. Our Mission
“Independent adjudication on unresolved disputes between Complainants and Financial Service Providers, in an independent and impartial manner, thereby enhancing the financial services environment for all stakeholders”

27. THANK YOU