Ombudsman’s Digest of Legally Binding Decisions: Jun - Dec 2020


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Available to view here.

From the press release:
The Financial Services and Pensions Ombudsman (FSPO) has published his latest legally binding decisions, issued during the second half of 2020. The FSPO’s online database of decisions now contains over 1,000 legally binding decisions that have been issued since the FSPO was established three years ago. The decisions published today highlight the wide range of issues giving rise to complaints to the FSPO and the outcome of the FSPO’s investigations and decisions in relation to those complaints. Some examples of directions made by the Ombudsman in the decisions published include:
  • Restitution of €66,000 plus interest to a child’s bank account, following a bank’s failure to apply appropriate safeguards to the account and permitting withdrawals by the child’s parent, contrary to the requirement for the child to become the signatory on the account.
  • Compensation of €20,000, €22,000 and €15,000 to three separate tracker mortgage complaints respectively, where the complainants’ were of the view that the compensation originally offered by the providers in question was not adequate.
  • Compensation of £17,000 following a decision that an investment company failed in its duty of care to its customer who was a compulsive gambler and did not deal with his complaint adequately.
  • Compensation of €15,000 following a mortgage provider incorrectly reporting the status of the complainant’s mortgage to the Irish Credit Bureau as “pending litigation”, following the provider acquiring the mortgage from another lender.
  • Compensation of €15,000 to a couple that experienced an unacceptable level of poor service and misinformation from their bank in relation to an Assisted Voluntary Sale (AVS).
  • Direction to an insurer to issue a letter confirming that the complainant’s policy had been cancelled as a result of its error and to pay compensation of €15,000. This followed the insurer’s cancellation of a motor insurance policy based on faulty data from a telematics device.
  • A direction to an insurer to pay a claim of €1,311 and compensation of €1,500, following a claim made for dental work arising from a childhood school yard accident.
  • Compensation of €3,000 in relation to a complaint against a broker for non-disclosure of fees and commission relating to a pension plan.