Central bank versus Financial Ombudsman

B

Bronte

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Based on some threads on here it often gets confusing which of these two offices deal with what. Is there a simple definition or link of the differences between them. For example I know you go to the FO if you have a problem with how your banks deal with you in relation to a mortgage product or insurance product and yesterday on the thread on deposits it seems you go to the Central Bank if you have misleading advertising.
 
Hi Bronte

Good question.

You go to the Ombudsman if you want to get redress for a product which you have already bought. So if your bank did not put you on a tracker when they should have, the Ombudsman will hear the complaint and tell them to put you back on the tracker.

The Central Bank has no role in individual complaints. If you tell them about your tracker , they will refer you to the FSO.

You should report any of the following to the Central Bank

  • Where an advert is in breach of the Consumer Protection Code e.g. the Bank of Ireland advertising for the three year fixed term product
  • Where an unauthorised firm is operating in Ireland - e.g. if you get cold calls asking you to buy shares.
  • Where the FSO has upheld your complaint and you believe that it affects many others e.g. the Ombudsman ruling against the lender's interpretaion of a wording relating to a tracker mortgage.
  • Other breaches of the law. I successfully complained the Irish Nationwide to the Financial Regulator for a very specific breach of the Building Societies Act which resulted in an admonition for the Irish Nationwide.
The process works, but it is frustrating. The Central Bank interprets Section 44 AK of the Central Bank Act as meaning it cannot give you any feedback on your complaint. So they will get your complaint. They will probably acknowledge it. They will investigate it. Whether they take action or not, they won't inform you.
 
The Central Bank set the standard which Financial Providers are obliged to adhere to. The FSO deal with the matters where supposed errors have happened.

(I do stand to be corrected) In the main the FSO do not report back to the CB where definite discrepancies occur. Nor do they report Fraudulent matters to the Gardai. They are there to adjudicate on each matter or case only.
 

Brendan. Why won't they advise or inform a complainant or the General Public of failings of authorised Financial Providers ??
 
Bronte

Coincidentally, I tried to make an online complaint about the BoI product but simply could not find out how to do it online.

I emailed the Central Bank to tell them this and gave them a list of suggestions to make it easier to complain. They replied saying that they would implement some of my suggestions immediately - they are mainly internal links to the contact details for complaints.

Brendan
 
mercman said:
(I do stand to be corrected) In the main the FSO do not report back to the CB where definite discrepancies occur. Nor do they report Fraudulent matters to the Gardai. They are there to adjudicate on each matter or case only.
Click to expand...

The legislation allows the FSO to report systemic issues to the Central Bank.

I don't know if the FSO does this or not. Joe Meade used to do so.

There is no mention of fraud and the Gardai in the Central Bank Act which set up the Ombudsman. However, anyone with written evidence of fraud can report it to the Gardaí.
 
Central bank listens to AAM


Well this is great news, a public body that actually listens and takes action. Well done on that, nice to see you do have some influence for good, a result for AAM perhaps.

And well done the people in the Central bank for making the changes. Great to see an organisation being consumer friendly.
 
Hi Bronte

I was pleased when they told me very promptly that they would incorporate some of my suggestions. And to be honest, most public bodies will consider suggestions made to them, but not usually that promptly.

My main issue is that I could not find out whom to contact if I had a complaint about advertising. They told me by email it was in the "Public Information" page. But I had not seen that.

It is on a side bar of the home page but once you leave the home page, e.g. by clicking on "Consumer Protection" you never see the link to the "Public Information" page again.

They have now put in a link to Public Information under Consumer Protection.

However, it is still not clear to me how I make a complaint or whether they want me to make a complaint or not.
 
Brendan, and not to publicly disagree with you, but if in the case I'm involved with, the licenses of the persons concerned were revoked, and the same persons are working in the public domain, out there selling Financial Products.

The quoting of a sub-section of a bill where they are unable to revert back to a person who has willfully taken the time to detail matters is somewhat daft. If wrong has been done and action taken, Financial Providers should and must not be allowed to employ or have undertaken the same tasks with another company or the same.

Strange kind of law IMO.
 
Brendan Burgess said:
It would be worth lobbying to change it.
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Perhaps, but to come up against the Power of the Financial Institutions in this country would be a mighty task. They know what is going on widespread and the CB or Financial Providers do nothing to stop it.

The Public are made and fail to realise how much they are been codded out of. With all the grievances people have towards Banks, by holding and investing in their funds, they are simply feeding a habit, of greed especially.
 
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Very difficult to come up against any Bank ; they are skilled and competent in wearing you down and most people just move on.
As you state the Central Bank and Ombudsmen go with the Status-Quo.
They do know the issues but it is very difficult to get that game changer case.

Sadly we now must accept {buyer beware}
 
salmon9077 said:
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They do know the issues but it is very difficult to get that game changer case.
Click to expand...

As Brendan stated earlier perhaps we should all start lobbying. Frankly I believe that all persons that have been effected and subjected by legitimate and careless acts should form a Group to ensure that persons involved in this type of greed should be brought to justice, and never ever work in the Finance industry again.

The Central Bank are there for this purpose. Change the law if it has to be changed but stop people been done from their hard earned cash.
 
Do not assume the Central Bank has any wish to properly confront any large Bank.
If they had the wish, they would over the years closed some of them down. We would not now be in the Hole we are in.
Do not assume our Regulators can be trusted. Their Record mirrors the record of our Banks.

I do distrust them.
 
I echo your sentiments exactly. We are living in a society that is run by Muppets.
 
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