Complaint numbers for July to September 2019 have been published by the CIFO.
In the third quarter of 2019, CIFO received 105 complaints and opened 63 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 (43%) and investments (11%).
The top issues complained about were poor administration or delay (38%), fees and charges (21%), refusal of service (14%) and closure of account (13%).
In the third quarter of the year, 159 complaints were closed, of these:
- 53% could not be dealt with as they were outside the scope of CIFO’s mandate as set by law;
- 41% were mediated or determined by the Ombudsman; and,
- 6% were withdrawn by the complainant after coming to CIFO.
Just over half (56%) of the 64 mediated or determined complaints were found in favour of the financial services provider, with the remaining complaints (44%) found in favour of the complainant.
For more information, please see the report.
