The Minister for Finance has given the go-ahead to allow the naming and shaming of financial service providers who are failing their customers.
Minister Noonan today signed a statutory instrument commencing section 72 of the Central Bank (Supervision and Enforcement) Act 2013.
The new provision will allow the Financial Service Ombudsman to publicly name and identify financial service provider who have three complaints listed against their name.
“ This additional provision will mean that financial service providers who are failing their customers will be publically identified and incentivised to make real improvements," Minister Noonan said.
The Minister said the Financial Services Ombudsman, Bill Prasifika, was consulted on the provisions of the legislation during its preparation and its passage through the Oireachtas, and that he understands that the Ombudsman intends to publish his first report with these details early in 2014.
Mr Prasifka has asked on previous occasions for the power to name and shame such providers.
The new powers will now come into effect on the 1st September.
My Purple Chair
The My Purple Chair title was born from my favourite place to sit and think about what's happening in the world. It's old but comfortable. So i suppose it's a bit like myself!