Press Release - 03 July 2007

Over €200,000 awarded by Financial Ombudsman to rugby player; widower entitled to €310,000 mortgage protection benefit; €165,000 illness cover to be paid; army deafness awards and legal fees; elderly widow considers that a credit union disinherited her €13,000; 'flipped over' apartment sales have major financial downside

Financial Services Ombudsman, Joe Meade, today published on his website significant decisions made in the January/June 2007 period.

• Insurance Company directed to pay over €200,000 to a former professional rugby player after it had repudiated a claim under the IRFU insurance policy

• Mortgage Brokers also giving investment property advice needs clarity and less confusion; 'flipped over' apartment sales have major financial downside - €61,000 awards in 3 instances

• Unsuitable €10,000 Insurance Investment product sold to an unemployed single mother of two young children; sales practices of Insurance Company questioned

• Bank directed to furnish to a former soldier, who received an army deafness compensation award, a copy of payable order made payable to him but lodged to his solicitor's account - €1,000 awarded for Bank's failure to do so earlier

• Repatriation claim submitted by the parents of a deceased tourist was handled in an insensitive manner by travel Insurance Company

• Widow feels a Credit Union nominated account 'disinherited' her of €12,700

• Access to phone records assists Ombudsman's work; awards of €310,000 and €35,000 arose but complaint against a stockbroker was rejected

• ATM card cash withdrawals of large sums across Bank counters need review to prevent fraud

• Medical submissions by Insurance Company not accepted by Ombudsman; Specified Illness cover award of €165,000 follows

• Switching of Bank Account and abysmal lack of communication between Banks

• Sales Advice by Insurance agents was unsatisfactory in two instances

• SSIA account opened at the wrong rate

• Relationships break up can significantly affect life assurance policies

• House underinsured resulted in a reduced settlement amount



Complaints Statistics

Some 2,100 complaints-1,200 insurance and 900 credit institutions -have been received by the Ombudsman since January 2007, a 29% increase over the same 2006 period. Since its inception in April 2005 some 8,500 complaints have been received.


Further information

Gemma Normile (6318569) or Sylvia Costello (6318556)

Financial Services Ombudsman,
3rd Floor,
Lincoln House,
Lincoln Place,
Dublin 2.
Lo call 1890 88 20 90
Tel: 01-6620899
Fax: 01-6620890

Email address enquiries@financialombudsman.ie
Website address www.financialombudsman.ie


Editors' note

As an independent statutory office-established on 1 April 2005- the Financial Services Ombudsman ensures that unresolved complaints from customers of financial service providers are investigated, mediated and adjudicated on fairly. He can make compensation awards up to €250,000 which are binding on both parties subject only to appeal to the High Court.