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THE FINANCE MINISTER has brought in a new rule which will see financial institutions publicly named and shamed if they receive a certain number of valid complaints about their services.
The new Statutory Instrument signed by Michael Noonan today gives the Financial Services Ombudsman the power to name any financial service providers who have at least three complaints against them substantiated.
The move comes days after a senior Minister expressed concern that banks are not taking the Financial Ombudsman seriously.
“This additional provision will mean that financial service providers who are failing their customers will be publicly identified and incentivised to make real improvements,” said Noonan.
Complaints to the Financial Ombudsman have steadily increased, with recent figures showing that there were more than 4,500 complaints in the first six months of this year – a jump of 27 per cent on the same period last year. Insurance complaints made up half of all complaints while banking issues accounted for more than one third.
The rule will come into effect from Sunday 1 September and it is expected that the first report outlining which institutions have had complaints against them upheld will be published early next year.
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I don’t think that any amount of naming and shaming has any effect on banks today.
Bank and shame in the shame sentence, That’s the only time your going to see those two words together.
Like FF & principles!
What about: “It’s a shame the banks collapsed”?
What about “it’s a shame the banks have bankrupted this country”!
Like they care…..!!!
They’ll laugh at it.
I’m confused as to how a non- sentient corporate entity can experience ‘shame’
The banks will laugh at it, Michael? Even I’m laughing at it now!
Everyone knows they’re a shower of thieves. What difference will writing it down on paper make??
Rodriguez, it will enable regulators and governments to pretend they’re doing something positive. Pretend, of course, is the operative word.
Rodrigo, apologies for name fault. Naughty iPad.
Horse..stable…door…
There are only 5 clearing banks so it does not take a genius to work out that all or most of them will have plenty of annoyed harassed customers.
Based on their record over recent years do you really think they will care?
I’m sure they’re shaking in their boots….
Never heard such Bullsh#t in all my life…..does this actually matter, the banks are laughing at us I bet you after Noonan signing that today the banks are quaking in their boots, more bull to have the plebs(us) think they are doing something…………..Christ,Allah or who ever you follow give me patience.
About 6 years too late. Why when it comes to the banks does everything happen so s-l-o-w-l-y.
Ombudsman “..will be given the power to name and shame…”, but not compelled to do so.
What a hollow, cynical stunt, devoid of any effort at real regulation.
After all the banks have done for us, my brothers and sisters, THIS is the best the government can come up with.
A joke.
Let us remember the “strong measures” the government has taken against the white collar criminals who pay for their summer homes in France and their BMWs. Let us turn them out of office by the score.
Banks will treat this as a badge of honour to be worn with pride. Future taped phone calls will reveal the CEOs goading each other over having a higher place in the “league” table
They will be named and shamed only after a number of validated complaints and oh, each complaint will probably take up to a year to investigate and yawn yawn yawn yawn……………….
That’s it,,, that’s what it comes down to,, we’ll name and shame them,,,,,, not enough
ABOUT £UCKING TIME
wont make a bit of differance. i went onto bank of ireland facebook about Rathdrum branch a wast of time, so am sure this wont matter to them they are a law onto themslevs.
I don’t think that the purpose is to shame the banks among the plebs. The bigger hit will be to their good names among corporates and internationally .
Oh wait..
Can see that making a big difference. Not………..
Never happen.
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