Una McCaffreyThe consumer helpline launched by the Irish Financial Services Regulatory Authority (IFSRA) in May has so far logged 3,000 calls from members of the public unhappy with financial services providers

The helpline, which is manned by nine dedicated IFSRA staff, has so far received the largest proportion of calls from consumers seeking help with insurance matters.

IFSRA consumer information officer Ms Karen A O'Leary said 23 per cent of all enquiries related to insurance, with most of these linked to problems getting or paying for motor cover.

A smaller proportion of insurance queries have come from employers seeking help with liability insurance, although the helpline was not originally designed to deal with this type of enquiry.

One-fifth of all calls have concerned problems or concerns on banks, with many consumers contacting IFSRA about a service issue before getting in touch with their financial institution.

Ms O'Leary said it was common for the regulator's staff to help consumers with expressing and directing official complaints, with a large proportion of these relating to service levels rather than the cost of the service itself. "People are enraged when they get poor service," she said.

Occasionally, helpline staff judge a complaint to be so serious that they write to the institution on a consumer's behalf.

One of the most common banking problems was based on a poor grasp of the difference between fixed and variable rates on loans.

"What people don't understand is that banks are not obliged to drop their rates when the European Central Bank cuts interest rates. Very often, it's an issue that has not been properly explained," she said.

Consumers are advised to shop around before signing up to a loan and told to haggle with the lender finally chosen. Ms O'Leary said she was proud to report that several callers to the IFSRA helpline had successfully negotiated a lower rate after receiving guidance from the authority.

The helpline is contactable at 1890 777 777