Name and shame threat

FINANCIAL institutions who are repeatedly the subject of complaints by consumers may be named and shamed, the new financial services ombudsman has threatened.

Joe Meade, the former Date Protection Commissioner and new Financial Services Ombudsman, said his office would not hesitate to name institutions which have been in dispute with customers, if it needed to ensure greater protection for consumers.

The Financial Services Ombudsman’s office mediates between customers who are in disputes with banks, life insurance companies and other credit institutions. The office can award damages of up to €250,000 to consumers.