Joe Meade to retire as Ombudsman

[Brendan Burgess]

Media release- 22 September 2009


Financial Ombudsman to retire

Joe Meade today informed the Financial Ombudsman Services Council that with effect from 2 January 2010, his 60th birthday, he will be retiring from the position of Financial Services Ombudsman. By then he will have served over 42 years in the Irish and International public services and since May 2005 as Ireland’s first Financial Ombudsman.

 

[Sunny]

He did a good job in difficult circumstances. I would give that office stronger powers for the new person.

 

[mercman]

And to a person that is not so sympathetic to the Financial Providers.

 

[Sunny]

And to a person that is not so sympathetic to the Financial Providers.

I don't think he was. He made some very sizable awards and remember how he found against Davy with regard to the investments they sold various credit unions. That was a very big decision to make.

By all accounts he was a very fair and decent person to deal with. The one fustration I have with the office is that they are not allowed to name to institutions that are found to committed an offence. It is all very well imposing a monetary penalty but a institution should also see it's reputation damaged if found guilty of something like mis-selling. Its the only way the banks will take it seriously.

 

[mercman]

The one fustration I have with the office is that they are not allowed to name to institutions that are found to committed an offence. It is all very well imposing a monetary penalty but a institution should also see it's reputation damaged if found guilty of something like mis-selling. Its the only way the banks will take it seriously.

100 % correct. It's a pity AAM doesn't have a forum especially for this purpose and to place the cases on for the benefit of others. I've had two cases with Joe Meade so far of which one is under appeal by the Financial Provider. It's a long drawn out process especially for those that have done nothing wrong.

In my own case I have formed a Website especially to place the story on it. People should not be afraid to place the truth in the Public Domain as long as same can be backed up with secure paperwork.