Associated Bodies

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 Ger Deering is the Financial Services Ombudsman.

The Financial Services Ombudsman Council

The Financial Services Ombudsman Council was established on a statutory basis by Section 57 BC of the Central Bank Act, 1942 (as amended).

  • The functions of the Council include prescribing guidelines under which the Financial Services Ombudsman is to operate, determining levies and charges payable for the performance of the Financial Services Ombudsman Bureau, appointing the Financial Services Ombudsman, keeping under review the efficiency and effectiveness of the Bureau. The Council has no role with respect to how the Financial Services Ombudsman deals with a particular complaint submitted to him. 

 

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. The Appeals Tribunal aims to provide an accessible, efficient and effective method of appeal in an informal and expeditious manner.

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.

Investor Compensation Company DAC (ICCL)

The ICCL is an independent body set up under the Investor Compensation Act, 1998. The ICCL is Ireland’s statutory ‘fund of last resort’ for customers of authorised investment firms.

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 (Chairperson), George Treacy (Deputy Chairperson), Valerie Bowens, Brendan Bruen, Liam Carberry, Brian Healy, Dermot Jewell, Siobhan Madden, Enda Newton, Paul O’Donovan, Ciaran Phelan, and Amy Walsh.