Financial services pay out €400k compo

The Financial Service Ombudsman (FSO) ordered nearly €400,000 of compensation be paid out to customers of banks, insurance companies, and investment firms in the first six months of the year.

More than €150,000 in compensation was paid out for complaints about insurance, €146,000 relating to investments, and €100,000 as a result of complaints against the banks.

Half of all complaints received by the office of the FSO were in relation to insurance companies as the number of complaints about payment protection insurance rocketed by 150%.