Ombudsman to deal with financial service issues

A new Bill published by the Government today paves the way for the regulation of Banks and Financial Services in Ireland.

An authority will be set up to deal with all issues relating to financial services.

Under the new law, an Ombudsman will be appointed to deal with complaints by the public against financial institutions.

The central bank and financial services authority of Ireland Bill is aimed at improving the way in which financial services do their business for customers.

It provides for the appointment of an Ombudsman to deal with complaints, and the setting up of consumers and industry panels to advise the regulatory authority.

New reporting and auditing practices will restrict financial institutions.

And the authority will have the power to impose penalties on banks and financial institutions that break the rules laid out by the body.