The Financial Services Ombudsman has been given the power to name and shame institutions which are the subject of public complaints. Finance Minister Michael Noonan has signed orders which will allow the Ombudsman to name a bank or insurance company which has been treating customers unfairly.
The Ombudsman, Bill Prasifka, had previously complained that he was barred from naming any institutions which attracted complaints from the public.
Minister Noonan says he believes naming and shaming lenders with poor behaviour should give them an incentive to treat customers more fairly.
"I have given the Financial Services Ombudsman the power to name financial service providers who have at least three complaints against them substantiated" he said.
"This additional provision will mean that financial service providers who are failing their customers will be publicly identified and incentivised to make real improvements." he added.
The new rules will come into effect on September 1st.
The Minister says the Ombudsman was consulted on the legislation during both its preparation and passage through the Oireachtas.
It is believed the Mr. Prasifka will publish his first report with these details early in 2014.
