The Financial Services and Pensions Ombudsman (Amendment) Bill will amend the legislation underpinning the Financial Services and Pensions Ombudsman (FSPO) in light of the 2021 Supreme Court decision in the Zalewski case.

It will also clarify that customers of financial service providers who have left the Irish market will continue to be able to access the existing services and consumer protections afforded by the FSPO.

Ministers yesterday approved the publication of the bill.

Finance minister Michael McGrath said: “The FSPO provides critical consumer protection services for consumers and small businesses through its work in resolving complaints against financial service providers and pension providers.

“This is an important bill that, once enacted, will provide enhanced legal clarity for the statutory operation of the FSPO. It will also provide strong reassurance for customers about their ability to access the FSPO, given recent bank exits from the Irish market.

“I look forward to working with colleagues in progressing this legislation as a matter of priority through the Houses of the Oireachtas in coming months.”