Does anyone regulate PO/NTMA?

R

Robert Moore

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Contacted FSO and they don't regulate/supervise PO/NTMA Savings Certs/Bonds. Contacted the Central Bank and they don't.

Does anyone know IF the PO/NTMA are regulated at all?
 
Very interesting question.

Though I haven't seen many complaints about them.

I don't think that they are regulated as such. The Ombudsman doesn't cover them as they are not a financial services provider.

What is your complaint?
 
In a nutshell, NO communication. I inherited some savings certs/bonds and have been attempting to insert my name on them since end of February this year. "Deceased Members Section" refuse to respond to emails and phonecall elicited "You'll have em next week" comment, 2 months ago.

Understand that Central Bank regulated entities must have proper internal complaints procedure mechanism, but PO/NTMA do not fall under the Central Bank or anyone else, it seems
 
As both are effectively owned by the State, get onto the Minister responsible for both entities and complain through that channel perhaps ?
 
Hi Robert

I don't think that slow service is a reason for making a formal complaint. I haven't had experience of savings certs for years, but they were notorious for slow service.

As it's a public body, I thought you might be able to complain through the Ombudsmans Service - Emily O'Reilly, but they are [broken link removed]

Under the Ombudsman (Amendment) Act 2012, which was passed on 31 October 2012, An Post was designated as an "exempt agency" meaning that complaints relating to any actions of An Post, including those relating to, for instance, savings certificates, which took place on or after 31 October 2012 cannot be examined by the Ombudsman.
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They don't seem to be with ComReg either.
 
Acknowledge the comment about slow service. However, purchased new savings certs in January 2013 and the document was in my possession within 6-7 weeks. As I've stressed to the PO/NTMA, this is merely (I believe) an administrative change, replacing one name for the other on the records/papers.

Strangely, it does seem that there is actually no regulation in this particular instance

Thanks for the input guys
 
As a state institution you probably can go to regular Ombudsman Emily O'Reilly office...real shame she's off to Europe as her office adopted a no nosense fair approach
 
Raging Bull said:
As a state institution you probably can go to regular Ombudsman Emily O'Reilly office...real shame she's off to Europe as her office adopted a no nosense fair approach
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Look to be specifically exempt, see posting above about Act passed October 2012.
 
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