Ombudsman: Rising dissatisfaction with financial providers
Complaints to the Financial Ombudsman rose by 19% over a six-month period this year as more than 1,700 complaints were received from April to September 2005.
Joe Meade, the Financial Services Ombudsman, today published details of fourteen complaints he dealt with over the six month period, seven against credit institutions and seven against the insurance sector.
The biggest compensation package of €56,000 was awarded to an elderly couple, one of whom suffers from a severe disability.
Their financial provider had advised them to take out a high risk investment package where they invested €127,000, and only received back €34,000 four years later.
Other smaller amounts were also awarded, for example €20,000 was awarded in a case where inappropriate investment advice was given by a credit institution.
Lesser complaints about ATM card withdrawals were not upheld.
Of the fourteen cases detailed, seven complaints were upheld and seven were not.
