Record number of complaints to Financial Services Ombudsman

A new report published today by the Financial Services Ombudsman (FSO) shows that the volume of complaints about financial institutions in Ireland remains at record levels.

The FSO’s Bi-Annual Review, covering the period January-June 2010, shows total of 3,600 complaints received in the first 6 months of the year.

As a result of the FSO’s findings, compensation of approximately €1.3m was paid to Complainants by June 2010.

Over 11,250 telephone calls were received by the office of the FSO during the period while over 42,000 visits were made to the website.

Complaints about investment products remain at record levels, the report indicated.

Financial Services Ombudsman William Prasifka said the volume of complaints was “a matter of concern”.

“The Office directed nearly €1.3m in compensation to be paid to consumers in the first six months of 2010 and this is an indication that some financial institutions are not making sufficient effort to resolve complaints at an earlier stage - this would be to everyone’s benefit,” he said.

The FSO investigates complaints made against financial institutions by consumers.