Written answers

Thursday, 17 April 2014

Department of Finance

Financial Irregularities

Photo of Michael McGrathMichael 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]

Photo of Michael NoonanMichael 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:  

YearTotal Number of


Investment Complaints
Mis-selling of InvestmentsMis-selling Findings UpheldCompensation Awarded
200913093309€43,000
2010111932346€374,286
2011102446317€385,109
201284042214€188,400
20137704377€264,004

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