Written answers
Thursday, 17 April 2014
Department of Finance
Financial Irregularities
Michael McGrath (Cork South Central, Fianna Fail)
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57. To ask 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]
Michael Noonan (Limerick City, Fine Gael)
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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 |
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