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17 May 2022

Tipperary lodged 126 complaints to Financial Services and Pensions Ombudsman last year

Tipperary lodged 126 complaints to Financial Services and Pensions Ombudsman last year

Tipperary lodged 126 complaints to Financial Services and Pensions Ombudsman last year

The office of the Financial Services and Pensions Ombudsman received 126 complaints from people in Tipperary in 2021, according to its latest overview of complaints.

While the overview does not detail the type of complaints received from the Premier County, it lists banking, mortgages, tracker mortgages, insurance and investment products, pensions and Covid-19-related issues as among the complaints received nationally.

In total, the office dealt with 4,658 complaints last year.

Ombudsman MaryRose McGovern outlined that in 2021, the FSPO delivered significant outcomes for complainants with €4.6m in mediated settlements achieved through its Dispute Resolution Service and €941,328 in compensation directed in legally binding decisions.

In addition, over €944,000 was paid to complainants by providers to resolve complaints during the formal investigation process.

Some 91 complaints were not upheld due to a reasonable and adequate offer of redress being available for acceptance by the complainant and these offers totalled €667,993.

"These outcomes demonstrate the monetary value of the services provided by the FSPO during 2021. What is less quantifiable is the importance of having an avenue of redress in sometimes challenging and difficult circumstances where complaints against financial service providers or pension providers remain unresolved.”

Ms McGovern said that it was notable that 23% of the complaints were about poor customer service from financial service providers.

"It is clear that many customers experience frustration with the level of customer service available from their provider when the customer is seeking to engage, and it seems that a more responsive service from providers could avoid many such complaints arising," she said. 

The Overview of Complaints contains numerous case studies of complaints concluded in 2021, across the FSPO’s services.

These case studies highlight trends, including a noticeable increase in the number of complaints made to the FSPO in the area of investment fraud and cryptocurrency where the financial and personal impact of these fraud incidents was very significant.

 

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