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Jersey Chamber of Commerce

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Channel Islands Financial Ombudsman Newsletter

May 28, 2019

Q1 Complaints and Upcoming Public Events

CIFO latest complaint numbers

Complaint numbers for January – March 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 first quarter of 2019, CIFO received 101complaints and opened 34 new case files – these are complaints that are within CIFO’s remit as set out by law. Of the new case files opened this quarter, the top product areas complained about remain consistent from the previous quarter; current accounts (35%), various types of investments (9%) and private pension products (9%). The top issues complained about were poor administration or delay (38%), fees and charges (18%), refusal of service (15%) and disputed outbound payments (9%).

In the first quarter of the year, 92 complaints were closed, of these:

  • 73% could not be dealt with as they were outside the scope of CIFO's remit as set by law;
  • 17% were mediated or determined by the Ombudsman;
  • 10% were withdrawn by the complainant aftercoming to CIFO.

The majority (11) of the 16 mediated or determined complaints were found in favour of the complainant, with the remaining complaints (5) found in favour of the financial services provider.

For more information, please see the full report.

Upcoming public events

CIFO will be holding its annual meetings in Guernsey and in Jersey, to mark the publication of the 2018 annual report. Please join us for coffee and croissants for an overview and an opportunity to ask questions about the 2018 annual report or about CIFO in general. The meetings will beheld on the following dates and at the following venues:

Jersey Annual Meeting

Wednesday 17 July: 8.30am for 9.00am - Jersey Royal Yacht Hotel

Guernsey Annual Meeting

Tuesday 16 July: 8.30 for 9.00am –St James Concert &Assembly Hall

Please click here to register for the event in Guernsey and here to register for the event in Jersey.

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