Financial Services Ombudsman reveals details of half-year report

THE Financial Services Ombudsman’s half-year report of significant complaints decisions highlights a number of breakdowns in communication between financial services companies and consumers — ranging from the quirky to concerning.

The ombudsman, Joe Meade, ordered the awarding of €4,500 compensation to a customer of one of the leading banks after the bank had mistakenly posted a letter detailing the person’s overdrawn account to the wrong address, whereupon it was opened by a third party and forwarded to the person for which it was initially intended.

Another case, which resulted in a compensation payment of €2,000, concerned a case of mistaken identity.