Ombudsman calls for compliance

The new Financial Services Ombudsman told the Irish Insurance Federation yesterday that he will "demand co-operation and compliance" from the sector.

Joe Meade, the former data protection commissioner, said that some believed he had taken "tough actions" in his former role "and the same approach will apply in my current role".

Mr Meade, who took up his position yesterday, addressed the annual lunch of the federation in Dublin. He said that he was independent in his role and was empowered to mediate, adjudicate, resolve and, where appropriate, make awards of up to €250,000, with such rulings being binding on both parties subject only to appeal to the High Court.

Complainants can include personal customers, small and medium-sized enterprises with a turnover of less than €3 million, and unincorporated bodies such as charities, clubs and trusts.

Mr Meade said he recognised that systems failures can arise in any organisation.

"However, the methods whereby an organisation addresses these weaknesses when brought to my attention will be a key factor I take into account when considering whether to use the extensive legal powers available to me as ombudsman."

He said he considered naming organisations in his annual report as an important part of his function.

The incoming president of the federation, Tom Barry, said the theme he would like to propose for the year ahead was one of continued and enhanced co-operation between the federation and State decision makers.

He said the Personal Injuries Assessment Board was having a significant impact on costs.

Early results had shown that claims were being agreed three-times faster than under the old system.

On the Revenue's investigation into the source of funds invested in single-premium insurance policies, Mr Barry said almost all such investments were genuine.

Mr Barry is managing director of Canada Life in Ireland.