Significant room for improvement exists in the complaints handling procedures of the country’s stockbroking firms, the Central Bank said.

An inspection of 53 investment and stockbroking firms showed 15 per cent did not inform clients of their right to refer a complaint to the Financial Services Ombudsman. More than one in four did not provide complainants with updates.

“The Central Bank considers the identified failures do not meet the definition of an effective and transparent procedure for the prompt handling and resolution of complaints,” the authority said.