Complaints to financial watchdog up 15%

The Financial Ombudsman has announced a 15% rise in the number of complaints received by his office last year compared to 2006.

Joe Meade says more than half of the complaints made in 2007 related to the insurance sector.

His annual report for the year also includes details of some significant decisions made during 2007, including an award of €200,000 to a former professional rugby player.

€116,000 was also awarded in five instances where mortgage brokers gave confusing investment advice, while an unemployed single mother was refunded €10,000 after she was sold an unsuitable investment.