Finally, we have previously reported that the FSO has been granted the power to “name and shame” financial service providers that are the subject of complaints. This power is contained in section 72 of the Central Bank (Supervision and Enforcement) Act 2013 and came into effect on 1 September 2013.
Section 72 gives the FSO the power to publish a report naming financial service providers where at least three substantiated or partly substantiated complaints have been made against them in the preceding financial year.
The first report is expected in early 2014. Following recent publicity in relation to the FSO’s bi-annual report for January to June 2013 and the enactment of the new FSO legislation, it is anticipated that the FSO will report significantly less complaints in the same period next year.