Complaint numbers for October to December 2019 have been published on the CIFO website.
In the fourth quarter of 2019, CIFO received 75 complaints and opened 48 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 (23%) and investments (17%).
The top issues complained about were poor administration or delay (46%), fees and charges (21%), disputed payment out (13%) and refusal of service (6%).
In the third quarter of the year, 102 complaints were closed, of these:
- 39% could not be dealt with as they were outside the scope of CIFO’s mandate as set by law;
- 52% were mediated or determined by the Ombudsman; and,
- 9% were withdrawn by the complainant after coming to CIFO.
A little under half (42%) of the 53 mediated or determined complaints were found in favour of the complainant, with the remaining complaints (58%) found in favour of the financial services provider.
For more information, please see the full report. A more detailed analysis of CIFO’s experience with complaints across the whole of 2019 will be given in the CIFO 2019 annual report, which will be published in the summer.
