Joe Meade

The Irish Financial Services Ombudsman said today his office received 7,150 complaints by the end of November this year - - an increase of 34% on the same period last year. Joe Meade said his awards included one of €250,000 - -  the maximum compensation he can award - - to a couple who retired from farming in their mid-60s and sold land for €3m. After an approach from their bank, they invested €2m in two bonds which they understood were capital guaranteed, but became concerned when the value of the bonds fell to €1.6m.

Case studies: December 2009

Meade provided a summary of 30 findings he made since July 2009 where in some instances he made good over €1.4m to consumers but did not uphold other significant complaints also:

• €250,000 to retired farmer for bank’s cavalier approach and belittling remarks
• €410,000 invested in Property Bond to be refunded to 70 year old lady
• 80 year old granny’s €10,000 ‘burial fund’/grandchild’s €2,000 wrongly invested
• €143,000 refunded to two elderly couples after personal intervention of Ombudsman
• €175,000 award for €290,000 loss suffered by another elderly couple
• €125,000 awards in two cases for stockbroker’s inappropriate high risk investments
• Mortgage rate to remain at original tracker rate at end of fixed rate period

• No breakage fee to be charged on exit from a fixed rate mortgage
• €7,000 award for mortgage breakage fee conditions not being clearly stated
• Investment Mortgage rate alteration was wrong in three instances
• €100,000 for loss suffered by Credit Union in an investment
• €100,000 award as lost land certificate led to a cancelled €225,000 property sale
• €10,000 to Credit Union for loss of €28,000 in €130,000 life policy
• €21,000 award as move of pension policy to secure fund not carried out
• €6,500 for incorrect statement to pensioners about ready access to investment
• Overcharging of insurance premiums for non smokers discovered
• €1,000 to grandmother, an uninsured driver, for Insurance Company error
• 50% award for stolen car valued at €20,000
• Non payment of €625,000 life assurance death benefit was correct
• €1m of alleged inappropriate investments not upheld
• Insurance loss assessor no help to his client as Company acted fairly
• Credit Union was wrong to release €5,400 from a minor’s account
• Hire Purchase Company’s ten day clearance period was inequitable
• Change in maternity benefit health insurance cover was not an upgrade
• €2,000 for not cancelling mortgage protector policy at age 65
• €4,000 award against Insurance Company for poor treatment of unemployed man
• €22,000 travel insurance cancellation claim upheld