Credit card firm tops for failing to comply with regulations

The company that took over MBNA’s Irish credit card business, Avant Tarjeta, had the highest number of findings made against it by the Financial Service Ombudsman in the second half of last year.

For the first time the Financial Services Ombudsman (FSO), Bill Prasifka, has the power to name the firms failing to comply with financial regulations.

Avant Tarjeta led the league table with 33 partially and fully substantiated complaints, followed by AIB with 28 partially and fully substantiated complaints and Bank of Ireland with 19. The report said the banking sector was the most sensitive to being named and had worked to resolve cases, resulting in a 7% increase in the number of findings not upheld or only partly upheld.