Financial Services Ombudsman latest decisions published today

Brendan Burgess

Brendan Burgess

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Full details in the following PDF:

[broken link removed]

Complaints upheld
Bank Manager’s personal affairs mixed with the business affairs
of a customer - €10,000 compensation
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Mis-selling of Insurance Investment Fund- €10,000 awarded as management misled its own sales team
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Credit Card Fraud and ‘on the town’ event merits compensation of €2,500

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Property Investment advice is still a problem-€55,000 in two more cases
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Injured carpenter gets €10,000 award after ‘cold call’ insurance policy sale​
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Insurance Policy review led to a proposed 300% increase in premiums
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Mortgage Protection- €25,000 awarded in dispute over direct debit
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Travel Insurance - cancellation cost of €4,000 repaid
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Credit Card​
to wrong address - €4,500 award for fraudulent transactions
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Misleading Investment Advice- €17,000 in compensation
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€8,000 award- Insurance Company did not seek Specialist Consultant’s opinion
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Incorrect information supplied to holder of Approved Retirement
Funds - €28,000 of management charges refunded
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Income Protection Policy - what constitutes farmers​
income
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Insurance Company forwarded an incomplete file to Ombudsman
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Confusion as to bank transactions by an elderly customer​
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Complaints rejected​
Dormant Bank Accoun​
t of €25,000 is ownerless
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Forged or stolen cheques lodged to a bank account
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Disposal of shares by stockbroker- conflict of interest complaint
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Motor Insurance Policy- vehicle not in a road worthy condition
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Death Benefit Claim of €800,000- non disclosure of prior medical condition​
 
My case is not listed there or in any other report relating to 2007! :( My complaint was started in January 2007, ruled on by the FSO and made binding in June/July and only finally resolved (i.e. EL paid up) in November 2007. Note that my complaint was marked by the FSO as "complaint not upheld - customer service award" and they awarded me compensation payable by EL.

Equitable Life WP fund - any other policy holders out there?

Why don't they name the companies involved? To protect the privacy of the complainants or something?
 
They handled over 4,000 complaints in 2007. They only give a sample of the cases.

In the last annual report, he discussed the pros and cons of naming the companies involved. He hoped to kick off a public debate, but I don't think there was much interest.

Brendan
 
Ah - I thought that the report contained all rulings. I didn't realise that they dealt with so many. Thanks.
 
I wonder is the credit card night "on the town" related to our own Angrylad as discused in this thread?

If so then another pat on the back for AAM for helping him sort it out!
 
Case 5, in which the Ombudsman essentially requires financial institutions to record conversations in which a contract is entered into makes for interesting reading, and has very far-reaching implications for both customers and institutions. The case related to a situation where a contract had been entered into over the telephone.

The Financial Ombudsman wrote:- "It would therefore be in the interests of the Providers to consider retaining appropriate records - including, where necessary, 'phone recordings relating to such contractual committments - for the period within which a person can complain to the Ombudsman i.e. six years."

While this makes sense, it has, I imagine, farther-reaching implications. If, for instance, a member of the public rings his or her bank and raises some query regarding his or her loan agreement, must the conversation be recorded in future? If telephone conversations relating to one type of contractual committment (a "cold-call" telephone contractual committment) must be recorded, will financial institutions have to record all telephone conversations relating to all types of contractual committments to avoid the possibility of falling foul of the Financial Ombudsman? And will it stop at recording telephone conversations?

I do not think that very many people would want their telephone (or other) conversations with their bank recorded.

Another point is relevant here - does the Financial Ombudsman not expect consumers to take any degree of responsibility for their own affairs? Personally, I would not have paid for an insurance, of all things, without reading the (big and) small print.

While not trying to defend the bank in this instance, the Financial Ombudsman needs to tell people to grow up a little, take responsibility for their own affairs, and remember the old adage of "BUYER BEWARE"!!
 
The Ombudsman frequently points out that customers must take responsibility for their own affairs. I think that he rejects over 40% of complaints.

In one of the cases today, the complainant went to an investment advisor and ended up buying a property abroad. While the advisor was in the wrong for confusing his role as investment advisor with his role as auctioneer, the complainant did not get his full losses as he was deemed partly responsible.

Brendan
 
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