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Saturday 17 March 2018

Ombudsman wants to name and shame financial wrongdoers


THE Financial Services Ombudsman has called for legislation to be changed so that financial institutions can be publicly identified if they have had complaints made against them.

Speaking on RTE's Morning Ireland this morning, Bill Prasifka said his office should be allowed to reveal the names of those organisations against whom complaints have been upheld.

He also called on institutions to make a big effort to improve their complaints record and to try and settle disputes before they reach his office.

Mr Prasifka was speaking after the publication of his annual report, which revealed his office had received over 7,000 complaints last year, a quarter of which were upheld. Around €2.6m was paid in compensation.

He also spoke of his disappointment that the number of complaints were now at "historically high levels", including a significant rise in the number of complaints about mortgages.

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