Unemployed person not treated properly by insurance company, ‘Burial fund’ of 80 year old granny wrongly invested, misleading customers about investment products, overcharging of non smokers by insurance companies, credit unions bad investments, grandmother lucky she had no car crash, insurance loss adjusters falling out, fixed rate mortgages, stockbrokers discretionary accounts and bank losing a land certificate feature in latest findings of the Financial Ombudsman.
Financial Services Ombudsman, Joe Meade, who retires at year end, published today on his website http://www.financialombudsman.ie/case-studies/ summaries of 30 findings he made since July 2009 where in some instances he made good over €1.4m to consumers but did not uphold other significant complaints also.
By 30 November 2009 some 7,150 complaints were received, an increase of 34% over the 5,350 received by November 2008. Since its inception in April 2005 some 25,000 complaints have been received by the Ombudsman’s office and at least €60m has been made good to consumers as a result of the Ombudsman’s work. The cumulative knock on effect that findings by the Ombudsman have played industry wide in other getting matters resolved is a further major benefit of the Office.
Further information: Conor Cashman (6318575); Diarmuid Byrne (6318561); 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
Note for media
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 mediated, investigated and adjudicated on in an impartial and independent manner. He can in addition to rectifying matters make compensation awards up to €250,000 – his findings are binding on both parties subject only to appeal to the High Court. The Ombudsman must deal with matters in private but he publishes selected unnamed Case Studies generally every six months to enlighten everyone as to what type of complaints he deals with and what lessons can be learned.