Vast majority of complaints to financial ombudsman resolved through mediation

Of the 3,867 complaints closed in 2017, a total of 2,370 - more than 60 per cent - were closed using mediation through the Dispute Resolution Service (DRS).

A total of 4,538 complaints were received in the same year, with mortgage complaints making up 26 per cent of the total.

The figures are contained in the FSO annual report for 2017.

Ger Deering, Ireland’s financial services and pensions ombudsman, said: “I am very pleased to see the significant changes to our services undertaken in 2016 continuing to bear fruit.

“The vast majority of complaints resolved by the FSO in 2017 were resolved through mediation, which is proving to be a very fast method of resolving complaints.

“Of the 2,370 complaints closed in 2017 through mediation, 57 per cent were resolved in less than three months.

“The outcome of both mediations and adjudications can have a significant impact on the lives of real people.

In 2017, a total of 1,482 complainants received some form of financial compensation, rectification and redress.”