The Government has appointed Data Protection Commissioner Joe Meade as Ireland's first Financial Services Ombudsman.

The office is being established in response to recent scandals involving the banking industry, including the overcharging on foreign exchange transactions at AIB.

Mr Meade's job is to ensure that unresolved complaints from customers of financial service providers are investigated and adjudicated on fairly within a statutory framework.

He also has the power to award compensation of up to €250,000 to customers who have been wronged by their bank.