Legal advice sought on transparency issue

The Department of Finance has sought legal advice on whether it can amend legislation which would allow for the naming and shaming of financial institutions that mistreat consumers.

26th June, 2010

The Department of Finance has sought legal advice on whether it can amend legislation which would allow for the naming and shaming of financial institutions that mistreat consumers.

The newly-appointed Financial Services Ombudsman, Bill Prasifka, recently called for legislation to enable more transparency in relation to the activities of his office.

His office currently does not have the legal authority to name firms that have been found to have acted inappropriately in dealings with consumers,...

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