8. (1) The Minister, having consulted the Minister for Social Protection, from among persons in respect of whom a recommendation for the purposes of this section has been made by the Public Appointments Service consequent upon the holding of a competition in accordance with the Act of 2004 in respect of each of those offices, shall appoint the following:

(a) a person to hold office known as an tOmbudsman Seirbhísí Airgeadais agus Pinsean or, in the English language, the Financial Services and Pensions Ombudsman (in this Act referred to as the “Ombudsman”);

(b) a person to hold office known as an Leas-Ombudsman Seirbhísí Airgeadais agus Pinsean or, in the English language, the Deputy Financial Services and Pensions Ombudsman (in this Act referred to as a “Deputy Ombudsman”).

(2) The Public Appointments Service shall not make, in relation to a competition referred to in subsection (1), a recommendation for the purposes of that subsection in respect of more than 3 persons in respect of any vacancy.

(3) A person who, immediately before the commencement of this section, was a Financial Services Ombudsman shall, from such commencement, be deemed to have been appointed to that office under this section subject to the same terms and conditions as applied to his or her appointment immediately before such commencement.

(4) A person who, immediately before the establishment day, was a Deputy Financial Services Ombudsman shall, on the establishment day, become a Deputy Ombudsman, under this section subject to the same terms and conditions as applied to his or her appointment immediately before such day.

(5) Subject to subsection (4), the Ombudsman and Deputy Ombudsman shall each hold office for such period not exceeding 5 years from the date of his or her appointment as the Minister may determine.

(6) The Minister may reappoint a person whose term of office as Ombudsman or Deputy Ombudsman expires by the efflux of time to be the Ombudsman or Deputy Ombudsman, as the case may be.

(7) The Ombudsman and Deputy Ombudsman shall hold office subject to such terms and conditions (including terms and conditions relating to remuneration, allowances for expenses and superannuation) as may be determined by the Minister, with the consent of the Minister for Public Expenditure and Reform.

(8) The Ombudsman and Deputy Ombudsman shall not hold any other office or employment or carry on any business without the consent of the Minister.