Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697805719993.pdf (Ireland)
DÁIL ÉIREANN AN BILLE UM MARGAÍ IN IONSTRAIMÍ AIRGEADAIS, 2018 MARKETS IN FINANCIAL INSTRUMENTS BILL 2018 LEASUITHE COISTE COMMITTEE AMENDMENTS [No.

36 of 2018] [30 May, 2018] DÁIL ÉIREANN AN BILLE UM MARGAÍ IN IONSTRAIMÍ AIRGEADAIS, 2018 —ROGHCHOISTE MARKETS IN FINANCIAL INSTRUMENTS BILL 2018 —SELECT COMMITTEE Leasuithe Amendments SECTION 9 1.

In page 6, line 6, after “paragraph (b)” to insert “and subsection (3)”.

—An tAire Airgeadais.

2.


In page 6, between lines 12 and 13, to insert the following: “(b) a financial service in which the consumer could reasonably expect the service to last more than 5 years and one month,”.

—Pearse Doherty.

3.

In page 6, lines 16 to 18, to delete all words from and including “(not” in line 16 down to and including “thereto)” in line 18.

—Pearse Doherty.

4.
In page 6, after line 24, to insert the following: “(2) Section 2 of the Financial Services and Pensions Ombudsman Act 2017 is amended by the insertion of the following after subsection (2): “(3) Notwithstanding the fact that the financial service does not fix its duration to be of a term such as is referred to in paragraph (a) of the definition of ‘long-term financial service’ in subsection (1), a financial service shall be regarded as falling within that definition if it would be reasonable for a consumer to expect its duration to be of at least the length referred to in that paragraph and that reasonable expectation arises by reason of— (a) the manner in which the financial service operates to provide a financial benefit to the consumer, (b) the type of assets with which its operation is connected, or (c) representations made by the financial service provider, as distinct from where such an expectation arises in the case of— [No.
36 of 2018] [30 May, 2018] [SECTION 9] (i) a current account with a financial institution, or (ii) any other financial service of an indefinite duration that is widely available and does not possess specialised characteristics.”.”.

—An tAire Airgeadais.

NEW SECTION 5.

In page 6, after line 24, to insert the following: “Amendment of section 51 of Financial Services and Pensions Ombudsman Act 2017 10.
The Financial Services and Pensions Ombudsman Act 2017 is amended in section 51(3) (a) by the deletion of “, and the conduct complained of occurred during or after 2002,”.”.

—Pearse Doherty.

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