BP Exclusive

Joint account holders left exposed as Ombudsman restrictions bite again

FSPO can only investigate complaints at the consent of all individuals on the account, leaving victims of coercive control at risk of isolation

The Ombudsman said it ‘must recognise that all parties who own that account or policy have rights, entitlements and potential liabilities arising in relation to such an account or policy” and “certain data protection issues arise’. Picture: Getty

Consumers with a joint bank account or mortgage are at risk of being unaided by the financial ombudsman as legislative restrictions leave them out in the cold, the Business Post can reveal.

At present, those who wish to complain to the Financial Services and Pensions Ombudsman (FSPO) about their joint accounts or policies are required to have the permission of all account holders.

If all parties do not consent then the FSPO has no power ...