Ombudsman to name and shame banks

The Financial Services Ombudsman will soon have the power to name and shame the institutions that it investigates, according to the finance minister.

Michael Noonan wrote to Fianna Fáil finance spokesman Michael McGrath to confirm he intends to introduce legislation that will allow the ombudsman to name banks and insurance companies in relation to malpractice in the Irish market.

Mr Noonan wrote: “I intend to bring forward an amendment at committee to provide the Financial Services Ombudsman with the power to name, in certain circumstances and subject to certain conditions, financial service providers about whom the FSO has upheld complaints.”