Stats from the Ombudsmans' Report for 2013

Brendan Burgess

Brendan Burgess

Founder
Messages
54,682
From: [broken link removed]

Insurance|3,835|includes 1,700 PPI complaints
Investment|770
Banking |2,925|Includes 1,500 MARP complaints
Non financial services|192
Total complaints received|7,722
Complaints upheld: 7%

Total compensation awarded: €932,668 (Page 27 of Bi-Annual Review)
The figure would be considerably higher if you considered all those who got their trackers back and saved being overcharged in the long-term.

From [broken link removed]

Sector|complaints upheld|compensation
Investment|20|€470k
Banking|103|€191k
Insurance|79|€268k





From [broken link removed]
 
The 7% statistic stating upheld is worrisome.

I know statistics carry a lot of caveats but 7% strikes me as unnaturally low.

At 7% is FSO fit for purpose? or are they to be trusted on complaints?

On threads in AAM ,the amount of what seem to be genuine unresolved Banking/Insurance complaints must mean AAM threaders are malcontents.
 
Gerry Canning said:
At 7% is FSO fit for purpose? or are they to be trusted on complaints?
Click to expand...

I think that’s unfair, yes the 7% upheld appears low, but of the 7722 complaints received in 2013, 5652 or nearly 75% were closed prior to investigation. Page 14 here;

https://financialombudsman.ie/documents/Financial-Ombudsman-2013-Annual-Report-English.pdf

There are several reasons why cases are closed prior to investigation, but many are closed after being settled amicably between the complainant and the provider. This would not have happened without the FSO’s intervention, and these sucessful complaints are not included in the 7% upheld figure.

Anyone considering making a complaint to the FSO should not be put off by this seemingly low, 7% upheld figure, I have argued that the FSO is far more successful for complainants, than he is given credit for:

http://www.askaboutmoney.com/showthread.php?t=187936
 
I believe Many are closed for technical reasons eg ,(Statute of Limitations).
It may indeed be that when Complainants push as far as Ombudsman ,Companies will sort.
However I am not atall convinced of FSO,s bona-fides.

I readily accept I could just not trust them!
 
You must log in or register to reply here.
Back
Top