Financial Services and Pensions Ombudsman receives 141 complaints from Limerick consumers

THE FINANCIAL Services and Pensions Ombudsman (FSPO) received 141 complaints from consumers in Limerick last year, it has been revealed.

The figures are contained in an overview of all complaints which were received during 2022.

According to Liam Sloyan, the Financial Services and Pensions Ombudsman, 4,647 complaints were received (nationally) by the FSPO over the 12 month period. The overview also details the value of more than €5m in complaint outcomes. 

An analysis of the complaints received last year shows 28% concerned an issue of customer service while banking complaints represented 55% of all complaints received. A total of 247 tracker mortgage interest rate complaints were closed in 2022.

2022 saw a significant reduction in the number of new COVID-19 related complaints made to the FSPO, with 69 new complaints in 2022. 2020 saw 600 such complaints received, reducing to 275 new complaints in 2021.  

Commenting on the overview, Mr. Sloyan said: "In 2022, the FSPO delivered impactful outcomes for our customers. In addition to the financial outcomes totalling over €5 million for individual complainants, the Office played its full part in enhancing the financial services and pensions environment, including in relation to the exit of two major banking providers. The departure of two major financial service providers from the Irish market posed the potential for a high volume of complaints to be made to this Office. It is notable that by the end of 2022, the FSPO had received less than 100 complaints identified as relating to market exit.

"The FSPO collaboratively engaged with stakeholders, including the providers leaving the market, sharing information and making every effort to progress these complaints as quickly as possible, within our resources. It is very positive that, to date, for the vast majority of impacted consumers, the departure of two major banks has not given rise to issues leading to a complaint being made to this Office.

"I am pleased that our work has contributed to the outcomes seen to date, by ensuring that our stakeholders were aware, on an ongoing basis, of the experience of the impacted customers, as communicated to this Office."

Mr Sloyan continued: "Customer service issues can include a provider’s failure to provide information, complaint handling issues and accessibility and communication issues. Many of the consumers making complaints to the FSPO could have had their complaints addressed by their provider, at an earlier point in time."

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"I encourage all providers of financial services and pension products, to adopt an approach of seeking, where possible, to resolve complaints quickly with their customers. This is both in the interests of the complainant and the provider. In many cases, complaints are resolved promptly when the provider receives an initial contact from the FSPO.

"This Overview serves as a resource for all those who can have an impact on the financial services and pension environment, and I would encourage providers to reflect on the nature of complaints brought to this Office."

A number of sample decision and more details can be found at fspo.ie.