Wednesday February 19, 2020

Ombudsman gets power to name wayward financial service providers

UPDATE: Finance minister Michael Noonan has given the Financial Services Ombudsman the power to name financial service providers who have at least three complaints against them substantiated.

27th August, 2013
Finance minister Michael Noonan.

Finance minister Michael Noonan has given the Financial Services Ombudsman the power to name financial service providers who have at least three complaints against them substantiated.

The minister today signed a Statutory Instrument commencing section 72 of the Central Bank (Supervision and Enforcement) Act 2013.

“This additional provision will mean that financial service providers who are failing their customers will be publically identified and incentivised to make real improvements,” said Noonan in a statement.

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