(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.