Power to name institutions a milestone: Ombudsman

The financial ombudsman has described as a milestone the passing of a bill that will grant his office the power to publicly identify institutions about which it receives complaints.

The amendment to the Central Bank and Financial Services Authority Bill 2011 was put forward by Fianna Fáil and accepted by the Government on Tuesday night.

Once the formal legislation is passed, the law will allow for the ombudsman’s office to detail the types and amounts of complaints made, by members of the public, about specific banks and insurance firms.