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Ombudsman sees increase in complaints

Thursday, January 31 07:55:45

Complaints to the Financial Services Ombudsman hit their highest level last year since the office was set up in 2005. The Ombudsman, Bill Prasifka, says the trend of growth in the number of complaints is of great concern. 8,135 complaints were lodged with his office in 2012, up 12pc on 2011 levels.

The second half of the year saw complaints more than double compared to the first six months of the year. Complaints alleging mis-selling of insurance to credit card and mortgage customers more than trebled to 1,280 last year. Mis-selling of such products has been a major issue in Britain, leading to billions of pounds in compensation being paid to British consumers. The Central Bank has been investigating practices here over the past year.