The Financial Services Ombudsman (FSO), Bill Prasifka, has published his Office's Bi-Annual Review (January-June 2010). The FSO investigates complaints made against Financial Institutions by Consumers. The Review for the first 6 months of 2010 shows:
- Complaints remain at record levels;
- A total of 3,600 complaints were received in the first 6 months of the year;
- As a result of the FSO's findings, compensation of approximately €1.3milion was paid to Complainants by June 2010;
- Complaints about investment products remain at record levels;
- Over 11,250 telephone calls were received while over 42,000 visits were made to the website.
The FSO has adopted a new format of a Bi-Annual Review which it says brings greater transparency and predictability to the decision-making process within the Office. It also provides guidance for both Consumers and Financial Institutions as to how the FSO approaches findings, particularly in areas which receive the most number of complaints.