Joe Meade has been named as the country's first Financial Services Ombudsman. Mr Meade is currently the Data Protection Commissioner.
The Financial Services Ombudsman's Bureau was established on a statutory basis under the Central Bank and Financial Services Authority of Ireland Act 2004. It opened for business on April 1.
The Financial Services Ombudsman, as an independent officer, will ensure that unresolved complaints from customers of regulated financial service providers are investigated, mediated and adjudicated fairly within a statutory framework and under regulations made by the Financial Services Ombudsman Council.
The existing voluntary Ombudsman for Credit Institutions and the Insurance Ombudsman of Ireland schemes are being incorporated into the new bureau. Existing complaints still being processed will be carried forward to the new scheme.
The Bureau is being expanded to cover members of credit unions and customers of brokers and all other regulated financial services providers.
The Ombudsman is empowered to make awards up to a limit of €250,000. Awards will be binding on both parties subject to appeal to the High Court.
Caroline Gill, formerly the Insurance Ombudsman of Ireland, and Gerry Murphy, formerly the Ombudsman for Credit Institutions, have also been named as Deputy Financial Services Ombudsmen. Ms Gill will also be Acting Financial Services Ombudsman until Mr Meade takes up his position in May.
The Financial Services Ombudsman Council was appointed by the Finance Minister last October. Its chairman is Dr Con Power and the other members are John Colgan, Crozier Deane, Dermott Jewell, Paul Joyce, Paddy Leydon, Paddy Lyons, Jim McMahon and Caitriona Ni Charra.
Finance Minister Brian Cowen today welcomed Mr Meade's appointment. 'The establishment of the Financial Services Ombudsman Bureau is an important further step in ensuring that the consumer of financial services gets a fair deal,' he said.
'Providing a simple way for an aggrieved customer to get redress is in everyone's interest - a fact that was already recognised by the banking and insurance industries when they established their non-statutory ombudsman schemes,' he added.
