The Financial Services Ombudsman has received over 1,700 complaints against financial services providers since it opened for business in April.
This compares to 1,437 complaints received, for the same 2004 period, by the voluntary ombudsman schemes then in existence.
Among the complaints upheld by Ombudsman Joe Meade was one in favour of an elderly couple who were advised on an unsuitable high risk investment. They received €56,000 in compensation.
The Ombudsman has authority to investigate, mediate and adjudicate any complaints against financial companies. The Ombudsman can make awards up to €250,000; awards are binding on both parties subject to appeal to the High Court.
The office was set up in April this year and incorporates the previous Ombudsman for the Credit Institutions and the Insurance Ombudsman.