Financial Ombudsman's report

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MarySmyth

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Re: Financial Ombusman's report

From my experience with the Ombudsman for Financial Institutions- the report will be a well crafted piece of work. As you are aware, this Ombudsman is provided for by the industry themselves. He who pays the piper, etc. So please bear this in mind when reading about the cases selected etc- Can't imagine he would carry out any significant cross the board investigations- We need RTE's Charlie Bird and George Lee for those!
 

CCOVICH

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Re: Financial Ombudman's report

That may have been the case in the past, but the role of the Ombudsman has been widened and strengthened in recent years. The office is funded by the industry but it is a statutory body.
 

Humpback

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Re: Financial Ombusman's report

MarySmyth said:
From my experience with the Ombudsman for Financial Institutions- the report will be a well crafted piece of work. As you are aware, this Ombudsman is provided for by the industry themselves. He who pays the piper, etc. So please bear this in mind when reading about the cases selected etc- Can't imagine he would carry out any significant cross the board investigations- We need RTE's Charlie Bird and George Lee for those!
Isn't it the case that this used to be the case, but not since last year? Hasn't the Financial Ombudsman now come under the control of IFSRA?

Check out the about us section.

Having said all that, I don't know what impact that may or may not have on the contents of the report.
 

ClubMan

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I'm confused (and too lazy to look it up)! When do you contact IFSRA and when do you contact the FSO!?
 
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MarySmyth

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I agree IFRSA is the one i trust. www.ifrsa.ie

The Ombudsman as a industry self regulator is always an unacceptable proposition.

I can't understand the need for two bodies at this stage.
 

ClubMan

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I made a complaint to IFSRA recently and they seemed to be telling me that I should contact the FSO (after exhausting all avenues with the financial instutution in question first) even though, in the end they (IFSRA) dealt with it themselves. Confusing or wha'? :confused:
 

Brendan Burgess

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MarySmyth

Please read the Ombudman's website. Your information is well out of date and incorrect.

The voluntary banking ombudsman and the voluntary insurance ombudsman were both replaced by a statutory Ombusman Scheme Scheme for the Financial Services Sector. The Committee of the Ombudsman was appointed by the Minister for Finance and includes represenatives of industry and consumers. The consumer representatives are from MABS, FLAC and the Consumers Association.

It is a huge improvement on the previous schemes and if the industry doesn't like the Ombudsman, they can do nothing about it, whether they finance it or not.

I do believe that Joe Meade the Ombudsman is very independent minded and will not take any nonsense. I don't know how technically good he is at understanding complex financial and insurance issues. We haven't seen enough of his decisions to judge that yet. But would he be any different than a judge of the circuit? I suspect that he will be better informed.

The only downside is that the Chairman of the Ombudsman scheme is the vice-chairman of the Irish Nationwide Building Society, which, rightly or wrongly, does damage confidence in the scheme. I would not expect any member of the committee to interfere in a decision by the Ombudsman, and if they did try, I would expect Joe Meade would tell them what to do with themselves.

Brendan
 
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MarySmyth

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Thanks for update. I wish to sincerely apologise in that i didn't know the up to date info re. the Ombudsman's office.

The new system is most definitely welcome and the independence of the office will obviously lead to a much improved service and standard for customers of financial institutions.

Many thanks for updating me and apologies again. Looking forward to downloading the Annual Report.
 
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Marlen

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im briefly scanning this so apoligies if i read incorrectly but if a complaint is made to the ombudsman say i.e a complaint about a bank accepting a joint cheque into a sole bank a/c, say one of the signatures were forged and the bank didnt witness 2 people signing bank of cheque nad took it in good faith can that ombudsman be connected with the bank for any other reasons... and that he may not be impartial as he should ..and not uphold a complaint in the bank favour can this actually happen???
 
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