Call to ‘name and shame’ institutions that target elderly with bad advice

FINANCIAL institutions that target elderly customers with inappropriate products and advice are hiding behind legislation which does not allow them to be named and shamed, according to the country’s financial watchdog.

Financial Ombudsman Joe Meade wants the power to publish the details of companies that target customers, particularly the elderly, with poor advice.

The number of complaints made to the ombudsman in the first half of the year almost doubled to 3,900 compared with the same period last year.