Financial firms ‘treated elderly as easy targets’

The Financial Services Ombudsman is calling on financial institutions to review all investments sold to elderly people over the past few years.

Joe Meade says he has serious concerns that many older people may have been sold products that were unsuitable for them and that did not perform well.

Mr Meade has published a list of rulings by his office so far this year, including three cases in which he ordered that more than €1.2m be refunded to elderly investors who were sold inappropriate products.

Speaking in Dublin today, he said it appeared some elderly people were treated as easy targets.