The Government has created a new Financial Services Ombudsman to pursue complaints against banks and other institutions on behalf of consumers, it emerged today.

The Ombudsman will front the Financial Services Bureau which Finance Minister Brian Cowen set up to strengthen consumer protection in the wake of recent high-profile banking scandals across the industry.

Ombudsman Joe Meade, who was previously Data Commissioner, said he will pursue banks, credit unions, hire purchase firms and mortgage brokers over unresolved complaints and would publicly name those who don’t co-operate with his office.

Other institutions under Mr Meade’s broad remit also include stockbrokers, bureau de change outlets, pawnbrokers and money lenders.

He can make maximum awards of up to €250,000 to complainants under legislation.

“Anybody who feels they don’t get satisfaction from any financial institution or other parties under my responsibility can report the case to my office and I will take it from there,” Mr Meade said at today’s launch in Dublin.

The Financial Services Bureau has also merged the offices of the Ombudsman for Credit Institutions Gerry Murphy and Insurance Ombudsman of Ireland Caroline Gill.

The new statutory body were set up under the Financial Services Authority of Ireland Act enacted a year ago by Minister Cowen.

Mr Cowen said the Ombudsman would ensure that consumers got a fair deal in the financial services industry.

“Providing a simple way for an aggrieved customer to get redress is in everybody’s interest.”

He said he looked forward to the Ombudsman developing a close relationship with IFSRA in the area of consumer protection.

A spokesperson said Mr Cowen is to add further areas of responsibilities for the Bureau.

The Bureau will be advised by a nine-member council which is chaired by Dr Con Power.

Dr Power said today: “This Bureau means business and means business now. There will be no prevarication.”