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On 25 July 2011 the Financial Services Ombudsman Bureau (the "FSO") published its Annual Report for 2010 (the "Report"). Of the 7,230 complaints received in 2010 by the FSO, 3,587 were made in relation to the insurance sector, which is an increase from the 2,999 made in 2009. In particular, the Report noted that complaints relating to payment protection insurance and mortgage protection insurance continued to increase. It reflected that "the types of complaints received are reflective of the financial distress that many consumers find themselves in during these challenging times".
It was noted that the FSO upholds approximately 25% of complaints received (either in full or in part) and the Report documented in greater detail some of the complaints substantiated, in full or partially, including a number of insurance-related complaints for instance regarding personal accident/business travel insurance, house insurance and motor insurance policies. The FSO also issued a press release inviting comments from financial service providers and interested parties on a proposal to publish in its Bi-Annual Review a breakdown of the information provided by financial service provider in respect of whom complaints have been made, regarding, for instance the: total number of complaints; complaints upheld; complaints upheld in part; and total compensation awarded. The deadline for submissions was 9 September 2011.
The Report and press release are available on the FSO website: www.financialombudsman.ie.
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