Financial Services Ombudsman Joe Meade says there has been a 'huge' increase in the number of complaints his office has received so far this year.
He also warned financial institutions that the era when they could take advantage of anyone, especially the elderly and disadvantaged, by selling inappropriate products was over.
Mr Meade, speaking at an Experian business lunch in Dublin, called on financial service institutions to fully explain any potential downsides to products they were selling.
He added that it was vital for companies to ensure that staff were fully trained in the products they sold.
Mr Meade said his office had received 2,200 complaints so far this year, a 29% increase on the same period last year.
