Consumers warned banks not always to blame

CONSUMERS were warned they could not expect their bank to be deemed to be at fault in every case when the financial services ombudsman published his half-year report yesterday.

The ombudsman detailed a case where an 80-year-old woman’s complaint was not upheld after she had lost around €30,000 through an investment in a “medium-to-high-risk” bond.

The financial watchdog found the bank in question had made clear the nature of the investment being sold to the customer and noted that the account was jointly held with the woman’s son, who “was closely involved in the discussions and the decision-making process concerning the investments.”