THE FINANCIAL SERVICES OMBUDSMAN is seeking additional powers to name and shame financial institutions that are giving bad or misleading advice to customers.
Yesterday, Bill Prasifika, the Financial Services Ombudsman launched his organisation’s annual report, highlighting a 28% increase in complaints.
Prasifika also said that he had to deal with a number of institutions who were attempting to move customers away from tracker mortgages – the cheapest form of mortgage. The ombudsman criticised these “unwarranted and unsolicited” moves by financial institutions.
The ombudsman has also expressed concern to the regulator that he is unable to deal with accountants who give investment advice.
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