The Financial Services Ombudsman has begun legal action against a mortgage broker who advised a couple to buy a property in England without disclosing he owned the apartment.
Ombudsman Joe Meade outlined the results of a number of cases he dealt with between July and December last year.
The ombudsman received 3,800 complaints last year, up 14% on 2005.
The complaint involving the mortgage broker came after a couple bought a property in the northeast of England.
The property was located by the Dublin broker.
But the couple found it difficult to rent the property and could not sell it either.
The ombudsman discovered the broker privately owned the apartment and did not disclose that to the couple.
The ombudsman found the deal was at all times tainted by this conflict of interest.
He awarded €16,000 compensation.
That has not been paid yet so the ombudsman is taking legal action to force the broker to hand over the money.
The matter has also been referred to the financial regulator.
Investment advice
Separately, the ombudsman has begun legal action against a financial institution after it gave inappropriate investment advice to an elderly person.
An 82-year-old woman was sold a bond which she could not get out of for five years.
Mr Meade said he did not accept the financial institution's argument that the woman understood the matter and he awarded €38,000 compensation.
