The Financial Services Ombudsman Council will be responsible for putting in place the arrangements for the statutory Financial Services Ombudsman to deal with complaints against financial institutions from April 1st.

The council will set the terms for the ombudsman and oversee the appointment process, as well as setting industry levies to fund its office.

The members are: Mr Con Power, economic consultant, who will chair the committee; Mr John Colgan of the Insurance Ombudsman Council; Mr Crozier Deane, chair, Insurance Ombudsman Board; Mr Dermot Jewell, Consumers' Association chief executive; Mr Paul Joyce, solicitor, free legal aid centres; Mr Paul Lynch, Irish Brokers' Association chief executive; Mr Paddy Lyons, former chair of the Competition Authority; Mr Jim McMahon, Irish League of Credit Unions; and Ms Caitríona Ní Charra, co-ordinator, Money Advice and Budgeting Centre.