The financial services ombudsman has said he is saddened and disappointed by the attitude of banks in their dealings with elderly people.
Mr Meade made his comments has he published a decision which highlighted the case of an 86-year-old man who was sold two six-year insurance bonds.
Mr Meade said he had now made decisions against all of the major financial institutions which relate to the way they deal with the elderly.
Ombudsman Joe Meade today highlighted the case of an 86-year-old bachelor who sold his farm for €1.4m.
The man was sold two six year fixed term insurance bonds by his bank and invested €850,000. He died seven months later.
The bonds had fallen in value by €50,000 when cashed in by his estate. Mr Meade directed that the €50,000 be repaid to his estate.
He also noted that the farmer had almost €500,000 in bank accounts bearing little or no interest.
He had called on all banks to review bank accounts of elderly to ensure accounts with little or no interest are not used for substantial investments.
In response the Irish Bankers Federation says two new codes to protect consumers are currently being implemented.
