The Financial Regulator said today that the Special Savings Incentive Accounts Scheme's maturity process has been running smoothly, in general, with financial institutions putting 'significant' resources in place to deal with the maturing accounts.
The Regulator has been monitoring the SSIA maturity process as part of its consumer protection role. This has involved looking at patterns of queries from consumers, reviewing documents sent by financial institutions to account holders and a programme of SSIA-focused inspections.
It said that over the past six months, approximately one quarter of accounts have matured.
'In general, we are satisfied that where issues have arisen, such as amendments to accounts not being made and confusion over maturity dates, that these have been handled promptly and appropriately,' commented Consumer Director Mary O'Dea.
She said her office has written to institutions to let them know the issues that have cropped up and requesting them to continue to monitor their systems and resources during the rest of the maturity process.
'In particular, we have asked that they have adequate resources in place to deal with accounts maturing in April 2007, when almost half of all accounts will mature,' she added.
The Regulator said that consumers who want to know more about the SSIA maturity process should read its 'Little Black Book of SSIAs' which contains helpful information, including a list of maturity dates.
Copies are available by phoning the consumer help-line on lo-call 1890 777777, by visiting www.itsyourmoney.ie or by calling into the Consumer Information Centre at College Green, Dublin 2.
