Central Bank and Financial Services Authority of Ireland (Amendment) Act 2017

Amendment of section 57BX of Principal Act

5. (1) Subsection (3) of section 57BX of the Principal Act (as inserted by section 16 of the Act of 2004) is amended by substituting “Subject to subsections (3B) to (3E), a consumer” for “A consumer”.

(2) Section 57BX of the Principal Act is further amended by inserting the following after subsection (3A):

“(3B) Subsection (3)(b) shall not apply to a complaint by a consumer in relation to conduct that relates to a long-term financial service.

(3C) A complaint by a consumer in relation to conduct (the “conduct concerned”) that relates to a long-term financial service shall be made to the Financial Services Ombudsman within whichever of the following periods is the last to expire:

(a) 6 years from the date of the conduct concerned;

(b) 3 years from the earlier of the date on which the person making the complaint became aware, or ought reasonably to have become aware, of the conduct concerned; or

(c) such longer period as the Financial Services Ombudsman may allow where it appears to him or her that there are reasonable grounds for requiring a longer period and that it would be just and equitable, in all the circumstances, to so extend the period,

but no complaint in relation to such a service may be made unless either—

(i) the conditions specified in subsection (3D) are satisfied, or

(ii) the Financial Services Ombudsman has allowed a longer period under paragraph (c).

(3D) The conditions referred to in subsection (3C)(c)(i) are that the long-term financial service concerned has not expired or otherwise been terminated more than 6 years before the date of the complaint, and the conduct complained of occurred during or after 2002.”.

(3) Section 57BX of the Principal Act (as inserted by Section 16 of the Act of 2004) is amended by the insertion of the following:

“(3E) The time limits specified in subsection (3C) shall apply to the following:

(a) any complaint received by the Financial Services Ombudsman which had not been assessed as to its suitability for consideration by the Financial Services Ombudsman; and

(b) any complaint received by the Financial Services Ombudsman before the coming into force of this subsection that was refused as being outside the applicable time limits in this Act and that has been resubmitted to the Ombudsman on or after the coming into force of this subsection.”.