Stakeholder Consultation on Collection of Financial Services Industry Levy
Tue Aug 7 2018
The Office of the Financial Services and Pensions Ombudsman was established on 01 January 2018 under the Financial Services and Pensions Ombudsman Act 2017 (‘the Act‘). The Act dissolved the former Financial Services Ombudsman and the former Office of the Pensions Ombudsman, with the staff from the two bodies joining the newly merged entity.
The FSPO has two distinct sources of funding:
- (a) funding from the Exchequer to support the investigation of complaints against pension providers;
- (b) funding collected through a financial services levy.
In 2017, Petrus Consulting was commissioned by the Financial Services Ombudsman Council to examine the levy system and to recommend improvements to the process. The objective is to have a simple system that can be easily maintained and updated and that is acceptable and transparent to Financial Services Providers (“FSPs”).
The report compiled by Petrus Consulting raised ten recommendations. This consultation seeks opinions from our Stakeholders in relation to five of the recommendations, pertaining to the manner in which the FSPO collects a financial services levy.
While we expect to receive most responses from those directly affected by the industry levy, we would like to receive observations from other interested stakeholders in the sector. To take part in this consultation, please complete the following survey to share your views with us. Survey: Stakeholder Consultation on Collection of Financial Services Industry Levy <https://www.surveymonkey.com/r/FSPO>
Upon opening the survey, you will see a brief summary of 5 of the recommendations included in the consultation report, and you will be asked to offer your opinion in relation to each. For further background information in relation to any of the individual recommendations, please read the full report here <https://www.fspo.ie/documents/FSPO%20Levy%20Administration%20Report.pdf>.
We will take all the submissions we receive during the consultation into consideration when deciding how the financial services industry levy will be collected in future, beginning in 2019. We will publish a report on our website in late 2018 with the results of the consultation and the key issues raised.
The consultation will run from 18 July 2018 to 31 August 2018.