The Financial Regulator said the maturity process for Special Savings Incentive Accounts is running smoothly with financial institutions allocating 'significant' resources to handle these accounts.
Mary O'Dea consumer director said the regulator is monitoring the maturity of SSIA accounts as part of its consumer protection role.
"The maturity process has, in general, been running smoothly and financial institutions have put significant resources in place to deal with maturing accounts.
"In general, we are satisfied that where issues have arisen, such as amendments to accounts not being made and confusion over maturity dates, that these have been handled promptly and appropriately," she said.
Over the past six months, approximately one quarter of accounts have matured. Ms O'Dea said the regulator has written to financial institutions informing them of the issues that customers have brought to the attention of the regulator.
Many of the calls to the Financial Regulator's help-line concerned maturity dates.
"We would encourage consumers to be proactive and if they have changed their SSIA contribution, they should check to see that this change is reflected in their bank statements and in their SSIA statements.
She added that many equity SSIAs are open-ended. "So even after the SSIA matures, the investment remains in place and payments may continue, unless the customers instructs their SSIA provider otherwise."
Ms O'Dea reminded all consumers of the need to tell their provider if and when they want to cash in their investment. "This is in addition to completing their SSIA4 form, which is a Revenue form that must be returned before their SSIA matures."
Almost half of all SSIA accounts are due to mature in April 2007.