Compliance Statement Not later than 31 January of each year, the trustees of a scheme or trust RAC shall prepare a statement in relation to compliance ( called compliance statement’) for the immediately preceding year for the purposes of prudential supervision. The compliance statement shall specify information relating to compliance with the the statutory requirements applicable to the activities of […]
Objective of prudential supervision The main objective of prudential supervision is to protect the rights of members and beneficiaries and to ensure the stability and soundness of schemes and trust RACs. A scheme or trust RAC shall be subject to prudential supervision by the Pensions Authority including the supervision by the Pensions Authority of the following where applicable: the conditions […]
The Pensions Authority The Pensions Board became the Pensions Authority in 2013. The Pensions Authority consists of a chairman appointed by the Minister and two ordinary members consisting of a nominee of the Minister for Finance and Minister for Social Protection. The Minister (for Social Protection) fills casual vacancies. The Pensions Authority’s chief executive is the Pension Regulator. The Authority […]
Powers of Enforcement The Authority may investigate the conduct and activities of a registered administrator and require a registered administrator, its officers and employees to furnish the Authority with such information, explanations, books of account and other documents as are required. The Authority may audit the administration services. The Authority may require a registered administrator to furnish information to it […]
Pension Scheme Internal Dispute Resolution The scheme trustees must establish a dispute resolution procedures. The resolution mechanism can be determined by the scheme itself, subject to complying with the minimum statutory requirement. No more information than is objectively justified may be required of the complainant. The Pensions Act empowers the Minister to make regulations requiring internal dispute resolution procedures within […]
Purpose of the Act The purpose of the Financial Services and Pensions Ombudsman Act 2017 is to: provide for the establishment of the Office of the Financial Services and Pensions Ombudsman provide for the appointment of persons to be the Ombudsman and Deputy Ombudsman extend the time limits for consumer complaints in relation to long term financial services to provide […]
Making of Complaints There are various types of complaints that may be made to the Ombudsman. A complainant can complain about the conduct relating to:- provision of financial services; offer of financial services; failure to provide financial services; financial loss or dispute in relation to certain pensions or any complaint received by the Ombudsman before establishment day that was outside […]
Appeals A party to a complaint before the Ombudsman may appeal to the High Court against a decision or direction of the Ombudsman. An appeal shall be made— not later than 35 days after the date of notification of the decision of the Ombudsman, or within such further period, as the court considers just and equitable in all the circumstances. […]
Complaints Procedure The Ombudsman may accept a complaint against a financial service provider or a pension provider that has initiated legal proceedings in relation to a matter to which the complaint relates, where the Ombudsman believes, based on reasonable grounds, that the financial service provider or the pension provider, as the case may be, has begun those proceedings in order […]