Complaints against financial services industry soar

The Financial Services Ombudsman received a record number of complaints from consumers last year, it said.

31st January, 2013
Bill Prasifka.

The Financial Services Ombudsman received a record number of complaints from consumers last year, it said.

Ombudsman Bill Prasifka said that he is concerned about the level of complaints, which stood at over 8135 complaints in 2012, up 12 per cent on 2011.

A particular area of concern is the misselling of payment protection insurance on credit cards and mortgages, where complaints trebled. The office paid out total compensation of €1.7 million last year.

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