An inspection by the Financial Regulator has found 'significant' improvements in the way financial firms are handling complaints from customers since it last reviewed the area in 2004. But the regulator has also highlighted a number of issues where there could be further improvements.
The survey looked at how firms' complaints procedures complied with the requirements of the Consumer Protection Code.
The regulator said that, in some cases, comprehensive records of complaints were not always maintained.
The body also pointed out that anyone making a complaint should be informed of their right to to refer the complaint to the Financial Services Ombudsman. It said this was not happening consistently across all financial institutions.
The regulator also said that those who complained did not always receive written confirmation of the outcome of an investigation following a complaint.
The regulator's consumer director Mary O'Dea said financial institutions should not wait for customers to complain before providing information on the process, but should actively inform its customers of the complaints process 'as a matter of course'.
