Complaints to the Financial Ombudsman have grown by 33% over the last year.

By year end the office expects to have dealt with more than 8,000 complaints about financial products.

Since July complainants have been awarded €1.4 million in compensation following an investigation by the Ombudsman’s office.

Financial Services Ombudsman Joe Meade says banks and insurance companies need to remember that many people take up their products in good faith.

“Banks and insurance companies – and any financial service provider – should bare in mind that there is trust put in them by the people” he said.

“It is the people’s money, not the bank’s money”.

“Therefore that trust should be honoured. If they make mistakes, they should own up to them and not be putting forward stupid arguments to me to justify their actions” he added.