Of the 234 cases that required formal investigation resulting in a legally binding decision, 127 were fully, substantially or partially upheld, while 107 were not.
Legally binding
The power to publish legally binding complaint decisions was granted to the FSPO under the Financial Services and Pensions Ombudsman Act 2017.
The Financial Services Ombudsman and the Pensions Ombudsman merged to form FSPO in January last year.
FSPO aims to enhance transparency and understanding of the powers and services of the office through the publication of its decisions.
The FSPO deals with a wide range of complaints relating to insurance, banking, credit facilities and investments, as well as pensions.
Directions made in 2018 include:
No claims bonus
Compensation of €3,000 to a driver who lost his no-claims bonus after reporting a crash caused by an uninsured driver,
Compensation of €250 to an individual whose travel insurance policy automatically renewed and who was refused a refund when she sought to cancel the policy,
Compensation of €90,000 to a couple whose mortgage provider adopted an obstructive approach after they fell into arrears with a buy-to-let mortgage,
Compensation of €7,000 and the correction of an individual’s Irish Credit Bureau rating after the lender failed to inform him that his loan had not been fully paid off, despite it ceasing the collection of direct-debit payments.
Compensation
Compensation of €3,750 to a customer whose bank opened a new account without her consent or knowledge.
Financial Services and Pensions Ombudsman Ger Deering (pictured above) said: “In 2018, we resolved approximately 2,300 complaints through this informal mediation process.
“However, it is clear from the decisions I am publishing today that some providers do not always act in the best interest of their customers. I have found that it is still the case that some providers are not willing to listen to, or engage sufficiently with, their customers in order to resolve disputes.
“Where disputes are not resolved by agreement, I will continue to use the extensive powers available to me to investigate and adjudicate complaints in a transparent and impartial manner to ensure fairness and, where necessary, to direct providers to pay compensation or rectify their conduct.”
The ombudsman can direct a provider to pay compensation of up to €500,000 to a complainant.
Levies
The FSPO is funded mainly by levies on financial services providers, and by a small grant from the Exchequer.
Decisions are legally binding on both parties and can only be appealed to the High Court.
The FSPO issued 234 decisions in 2018. A further two are under appeal to the High Court.