The Financial Services Ombudsman
The Financial Services Ombudsman is a statutory officer who deals independently with complaints from consumers about their individual dealings with all financial services providers that have not been resolved by the providers.
The Ombudsman is the arbiter of unresolved disputes and is impartial. It is a free service to the complainant.
Mr. Bill Prasifka is the Financial Services Ombudsman.
The Financial Services Ombudsman Council
The Financial Services Ombudsman Council was established on a statutory basis under the Central Bank and Financial Services Authority of Ireland Act 2004. The main functions of the council as laid down in the Act are to:
- Appoint the Financial Services Ombudsman and each Deputy Financial Services Ombudsman;
- Prescribe guidelines under which the Ombudsman is to operate;
- Determine the levies and charges payable for the performance of services provided by the Ombudsman;
- Keep under review the efficiency and effectiveness of the Bureau and to advise the Minister on any matter relevant to the operation of the Bureau; and
- Advise the Ombudsman on any matter on which the Ombudsman seeks advice.
The members of the Council are: Dermot Jewell (Chair), Michael Conolly, Tony Kerr, Paddy Leydon, Paddy Lyons, Caitriona Ni Charra and Frank Wynn.
The Irish Financial Services Appeals Tribunal
The Irish Financial Services Appeals Tribunal was established on a statutory basis under the Central Bank and Financial Services Authority of Ireland Act 2003. Appeals against certain decisions made by the Central Bank of Ireland will be heard and determined by the Appeals Tribunal.
Whether the decision is appealable to the Tribunal is defined in the relevant piece of legislation from which the decision derives i.e. depending on whether it is a banking, insurance or investment matter. Administrative sanctions decisions may be affirmed, varied, substituted,; remitted or set aside by the Tribunal.
Decisions other than administrative sanctions may only be affirmed or remitted. An appellant dissatisfied with the final outcome may appeal a decision of the Tribunal to the High Court.
The Members are: Francis D. Murphy (Chair), Inge Clissmann SC (Deputy Chair), John G. Fish, Geraldine Clarke, John Loughrey, Paulyn Marrinan-Quinn SC and Liam Madden.
Investor Compensation Company Ltd (ICCL)
The ICCL was established in August 1998. The principal objective of the ICCL is to put in place arrangements (e.g. funding and payment procedures) to ensure that eligible clients of a failed firm receive compensation (within the parameters set down in the Investor Compensation Act 1998) as expeditiously as possible.
The three shareholders in the company are the Central Bank of Ireland, the Irish Stock Exchange and the Irish Association of Investment Managers.
Board of Directors: Jim Bardon (Chair), Dan Coveney, Inge Clissman, Terry Hardiman, Brian Healy, Dermott Jewell, Paul O'Donovan, Frank O'Dwyer, Eimer O'Rourke, Ciaran Phelan, Gina Quin and Mark Redmond.