Mis-sold Mortgage Claims > Mortgage News
Financial Sector Should Be Easier to Navigate
Fri, 27 Jan 2012
Most consumers would like to see companies in the financial sector named and shamed for mis selling financial products.

This was the intention of Financial Services Ombudsman in Ireland in 2010 yet this has not materialised.

With consumers having to wait for such an initiative to be put into practice, the new Consumer Protection Code is likely to help restore consumer trust in the financial services sector.

Consumer complaints in relation to financial institutions are at historically high levels; there were 7,000 in 2010 in Ireland.

Should the proposals be adopted, then Ombudsman's report for a financial services company would highlight the total number of complaints made against the company, the number of complaints upheld, those upheld partially as well as the total amount of compensation awarded.

Given the number of mis sold mortgages, loan and payment protection insurance complaints the Ombudsman regularly gets, especially from older people, such information would offer an invaluable insight into where best to look for financial products.
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