23% increase in complaints against financial service providers
The first ‘annual’ Financial Services Ombudsman’s report published today has revealed a 23% increase in complaints received against financial service providers on the same period in 2004.
The report details activities for the initial nine month period - April 1 to December 31, 2005 - Joe Meade having taken up duty as Ireland’s first statutory Financial Services Ombudsman on May 16, 2005.
Mr Meade received 2600 complaints in total, 1734 regarding the insurance sector (a 21% increase) and 870 for credit institutions (a 25% increase).
The highest compensation awarded by the Ombudsman was €56,000 against a credit institution and €32,000 against an insurance sector provider.
In general, he found in favour of half of the complaints that were investigated, while others were either settled amicably by mediation or not upheld.
In the report, Meade expressed concerns about travel agents and tour operators selling holiday insurance cover, some solicitors not agreeing to VHI undertaking, medical consultants and medical insurance cover
