Firms hit by funds mismanagement

NOT even financial institutions are safe from funds mismanagement by other institutions, according to the latest round of decisions from the country’s financial watchdog.

In one complaint handled by ombudsman Joe Meade recently, a credit union was among the luckless clients who found themselves stuck with €2 million in worthless investments after being encouraged to invest in a high-risk scheme.

In another example of people who would seem best able to keep tabs on financial institutions instead coming off worst, Mr Meade also investigated the case of a solicitor who ended up the victim of a €111,000 cheque fraud.