CIFO latest complaint numbers
Complaint numbers for April – June 2019 have been published on the website of the Channel Islands Financial Ombudsman (CIFO). Brief headlines are given here, for further information please see the report.
In the second quarter of 2019, CIFO received 106 complaints and opened 27 new case files – these are complaints that are within CIFO’s remit as set by law.
Of the new case files opened this quarter, the top two products remain consistent from the previous quarter:
- current accounts (33%) and
- investments (26%).
The top issues complained about were
- poor administration or delay (30%),
- mis-selling (22%),
- closure of account (19%) and
- refusal of service (11%).
In the second quarter of the year, 82 complaints were closed, of these:
- 61% could not be dealt with as they were outside the scope of CIFO's mandate as set by law;
- 31% were mediated or determined by the Ombudsman; and,
- 9% were withdrawn by the complainant after coming to CIFO.
- 14 of the 25 mediated or determined complaints were found in favour of the complainant,
- 11 of the 25 found in favour of the financial services provider.
For more information, please see the report