Call for review of ‘mis-selling’ rules

Just 38 of more than 1,300 complaints about the mis-selling of financial products were upheld by the Financial Services Ombudsman in the last three years.

The low rate of successful complaints — just 3% between 2011 and 2013 — has prompted Fianna Fáil finance spokesman Michael McGrath to call for a review of the rules on mis-selling of financial products.

Mr McGrath said there had been a significant fall-off in the number of complaints upheld. In 2010, the figure stood at 14%.