Bank watchdog struggling to prevent rip-offs

The Financial Services Ombudsman has warned his office is near breaking point, with the number of complaints up by 27% in the first six months of the year.

The ombudsman’s ability to tackle banks that rip-off customers is also being hamstrung by the inability to name and shame offending financial institutions.

Bill Prasifka’s office handled 4,676 complaints in the first six months of the year according to the bi-annual report released today.