![\"\"](\"http:\/\/irishexaminerusa.com\/wp\/wp-content\/uploads\/2019\/01\/EuroNotesBlurredPA_large.jpg\")
The Financial Services and Pensions watchdog upheld 127 complaints by customers in 2018.<\/p>\nThe Financial Services and Pensions watchdog upheld 127 complaints by customers in 2018.<\/p>\n
The Financial Services and Pensions Ombudsman (FSPO) has published a list of cases where compensation was awarded.<\/p>\n
It is the FSPO’s job to try and resolve a complaint or dispute when mediation efforts have not worked with a financial service or pension provider.<\/p>\n
Last year, 234 legally binding decisions were made and 127 of them were either fully, substantially or partially upheld.<\/p>\n
They have the power to instruct a provider to award compensation of up to \u20ac500,000.<\/p>\n
One case saw a couple get compensation of \u20ac90,000 after their mortgage provider adopted what the ombudsman called “an obstructive approach” after they fell into arrears with a buy-to-let mortgage.<\/p>\n
In another case, \u20ac3,750 in compensation was awarded to a customer whose bank opened a new account without their consent or knowledge.<\/p>\n
Another case saw a driver awarded \u20ac3,000 after he lost his no-claims bonus having reported a crash caused by an uninsured driver.<\/p>\n
The Ombudsman said it is clear from the decisions made today that some providers do not always act in the best interests of their customers.<\/p>\n
Ger Deering from the watchdog said: \u201cI am very pleased to publish the legally binding decisions made during 2018. I welcome the fact that the majority of complaints were resolved through the informal mediation process we provide as this delivers a faster outcome that is acceptable to both parties.<\/p>\n
“In 2018, we resolved approximately 2,300 complaints through this informal mediation process.<\/p>\n
“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.<\/p>\n
“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.\u201d<\/p>\n