Jerome Reilly: Watchdog gets power to name and shame banks
With complaints up 27 per cent, William Prasifka says the figures speak for themselves
Published 01/09/2013 | 05:00
WHEN desperate people go to war with the banks, Financial Services Ombudsman William Prasifka is the last line of defence. And as the number of complaints against institutions, once respected pillars of the State, rose by a staggering 27 per cent in the last six months, he detects a rising wave of anger in this country against the banks.
From today Prasifka, the nation's watchdog over the financial institutions, gets new powers from Finance Minister Michael Noonan to name and shame the banks playing dirty with customers.
A new Ministerial Order means the Financial Ombudsman will be able to publish a league table of the worst offenders among the banks, the insurers and those who sell pensions and other financial products.