Irish Financial Services Ombudsman recommends review of all investment products sold to elderly customers since 2006
Jul 14th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Irish Financial Services Ombudsman has recommended financial institutions to carry out a review of all investment products sold to elderly customers since 2006. Joe Meade said the review was needed to ensure inappropriate products were not sold to the elderly. He said the review should be overseen by the new Central Bank. The ombudsman said it appeared that many people were "preyed on" by financial institutions and that staff at the institutions had received nice commission from easy targets, many of whom were investing the proceeds of the sale of property during the boom, without knowing the intricacies of the products concerned.