The Financial Services Ombudsman says much more needs to be done to begin to restore public confidence in the sector.
It comes as a report from Bill Prasifka’s office shows they received a record number of complaints last month.
The office of the Financial Services Ombudsman received just under 3 thousand 600 complaints in the second half of last year.
That’s down slightly on figures for the first 6 months of the year.
But July to December did show a significant jump of 41 per cent in complaints related to mortgages.
Overall the figures show the area of insurance is mostly likely to be at the centre of a complaint – making up nearly 50 per cent of the reports.
The Ombudsman awarded over 2.6 million euro in compensation in total last year – a figure which Bill Prasifka says shows some financial institutions are still not making efforts to resolve complaints sooner.
+
