Meade named as financial services ombudsman

Joe Meade, the data protection commissioner, has been appointed as the State's first financial services ombudsman.

Mr Meade will take up his new role on May 16th, a month and a half after the Financial Services Ombudsman's Bureau came into existence.

The new structure brings together two existing voluntary financial industry schemes - the insurance ombudsman and the ombudsman for credit institutions - under one statutory body.

Mr Meade's appointment was yesterday welcomed by the Minister for Finance, Brian Cowen, who wished the new ombudsman "the very best" in his position.

"The establishment of the Financial Services Ombudsman's Bureau is an important further step in ensuring that the consumer of financial services gets a fair deal," Mr Cowen said.

The appointment was also well- received by Ifsra, where chief executive, Liam O'Reilly, said the new office would further strengthen the position of consumers in their dealings with financial institutions.

Fine Gael's spokesman on finance, Richard Bruton, also welcomed Mr Meade's elevation, saying he would ensure that the Oireachtas would give him full backing.

The ombudsman and his office have been charged with making sure that consumers' unresolved complaints on financial services will be investigated, mediated and adjudicated fairly.

The office will be have the power to make awards in the cases it considers, up to a limit of €250,000.

As well as taking over the roles of the insurance ombudsman and the ombudsman for credit institutions, Mr Meade's new body will be expanded to deal with credit unions and brokers. Money-lenders and hire-purchase companies will also be covered.

A native of Co Clare, Mr Meade is a career civil servant. As well as holding the position of data protection commissioner, he has worked in the Office of the Comptroller and Auditor general and the European Court of Auditors in Luxembourg.

The current insurance ombudsman, Caroline Gill, and the ombudsman for credit institutions, Gerry Murphy, have been given the role of deputy ombudsman under the new structure.