Complaints against financial firms up 15% last year

The Financial Services Ombudsman has reported a 15% increase in complaints last year.

Joe Meade said his office received more than 4,000 complaints against financial institutions during 2007.

Fifteen complaints were upheld in the second half of the year, while five were rejected.

€55,000 in compensation was awarded on foot of two complaints about property investment advice, while €4,000 was awarded to a person whose credit card was sent to the wrong address.

Mr Meade says the mis-selling of insurance investment funds also continues to be problematic.