Rise in financial complaints

THE days when financial institutions could take advantage of anyone, especially the elderly and disadvantaged, by selling inappropriate products is over.

This is according to the financial services ombudsman, Joe Meade who said complaints to his office are up 29% to date from the previous year.

He received 2,200 complaints in the first five months of this year, adding that his office only receives a small percentage of complaints relative to the number of financial transactions undertaken each year. He said around 60% of cases are upheld.