Bi-Annual Review (January-June 2010)

Press Release - 23 November 2010

The Financial Services Ombudsman (FSO), William Prasifka, publishes his Office’s Bi-Annual Review (January-June 2010) today, available online (PDF document).

The FSO investigates complaints made against Financial Institutions by Consumers.

The Review for the first 6 months of 2010 shows:

  • Complaints remain at record levels;
  • A total of 3,600 complaints were received in the first 6 months of the year;
  • As a result of the FSO's findings, compensation of approximately €1.3milion was paid to Complainants by June 2010;
  • Complaints about investment products remain at record levels;
  • Over 11,250 telephone calls were received while over 42,000 visits were made to the website.

The new format of the Bi-Annual Review brings greater transparency and predictability to the decision-making process within the Office. It also provides guidance for both Consumers and Financial Institutions as to how the FSO approaches findings, particularly in areas which receive the most number of complaints.

In publishing his Office's latest statistics the Ombudsman states that:

"The Office has managed to deal with a high level of complaints while budget levels were lower than in previous periods. This is due to the expertise and dedication of the staff here.

Furthermore, the volume of complaints remains at record levels and this is a matter of concern. The Office directed nearly €1.3 million in compensation to be paid to Consumers in the first 6 months of 2010 and this is an indication that some Financial Institutions are not making sufficient effort to resolve complaints at an earlier stage -- this would be to everyone's benefit.