Thursday, 17 April 2014

Questions (57)

Michael McGrath

Question:

57. Deputy Michael McGrath asked the Minister for Finance the number of complaints against financial institutions in each of the past five years in respect of the sale of unsuitable investments; the number that were upheld; the compensation awarded; and if he will make a statement on the matter. [18261/14]

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Written answers (Question to Finance)

Firstly, I must point out that the Financial Services Ombudsman is independent in the carrying out of his duties.  I have no role in the day to day workings of the office. However, the Financial Services Ombudsman has informed me that the information requested by the Deputy is as follows:  

 Year

Total Number of

Investment Complaints

Mis-selling of Investments

Mis-selling Findings Upheld

Compensation Awarded

2009

1309

330

9

€43,000

2010

1119

323

46

€374,286

2011

1024

463

17

€385,109

2012

840

422

14

€188,400

2013

770

437

7

€264,004