The Financial Services and Pensions Ombudsman Act 2017 establishes the Financial Services and Pensions Ombudsman (FSPO) as a unified body, enhancing consumer protection by consolidating the roles of the former Financial Services Ombudsman and the Pensions Ombudsman. The Act streamlines the complaints process, providing a single point of contact for grievances related to various financial services, thus improving accessibility for consumers, particularly the vulnerable. It allows for complaints dating back to 2002 in financial services and has no time limit for pensions matters, ensuring redress for long-term products.

Significantly, the FSPO is granted binding authority to issue decisions that financial providers and pension schemes must comply with, reinforcing its role in consumer protection. With obligations to publish anonymised case studies, the Act promotes transparency and accountability. Additionally, it ensures procedural fairness by granting appeal rights to both complainants and providers, while fostering cooperation with the Central Bank of Ireland to address systemic issues. Overall, this legislation modernises the complaints framework, ensuring efficient dispute resolution and bolstering trust in financial services.