Complaints to the Financial Services Ombudsman increased by 23% last year. A total of 2,604 complaints were received - 1,734 for the insurance sector and 870 for credit institutions.
A total of 161 new complaints were received for credit unions (23), intermediaries (119) and stockbrokers (19) as these are now subject to the Ombudsman's remit and were not covered under the former voluntary schemes.
The Financial Services Ombudsman, Joe Meade, said that 1,368 complaints were concluded after investigations, while another 1,339 were referred to the internal complaints procedures of the providers for appropriate action.
The highest compensation awarded by the Ombudsman was €56,000 against a credit institution and €32,000 against an insurance sector provider.
The Financial Services Ombudsman's Bureau was established on a statutory basis and opened for business last April. It ensures that unresolved complaints from customers of all regulated financial service providers are investigated, mediated and adjudicated fairly.
The office is empowered to make awards up to €250,000 and awards are binding on both parties, subject to appeal to the High Court.
