Ombudsman seeks powers to name and shame financial institutions

POWERS to name and shame institutions which offer bad or misleading advice to customers are being pursued by the Financial Services Ombudsman.

With complaints up 30% last year, William Prasifka said some financial service providers should be identified so customers could be warned about them.

“The goal of our office is not simply to adjudicate complaints but to try to prevent problems from happening in the first place.