The CIFO supports public confidence in financial services by resolving complaints and pointing out where things could be improved.
Express took a look at the key points from the Q2 report…
Financial service providers came out top
Financial service providers (FSP) were twice as likely to have a case determined in their favour compared to a complainant.
Double the number of cases determined in Q2 were won by FSPs at 11%, whereas only 5% of cases were won by complainants (outside of mediated cases).
Bad luck for banking and insurance
Banking in Jersey was by far the most complained-about sector, and the second most in Guernsey.
The insurance sector received the most complaints in Guernsey, but banking in Jersey still managed to garner almost double its number of complaints.
More than half of complaints about Jersey
Jersey was the jurisdiction that received the most complaints about its financial services, with over half (56%) of complaints received by the CIFO relating to the island.
Around a third (32%) of complaints came from Guernsey-based service provision.
Compensation expectations
Although cases were more likely to be determined in favour of the FSPs last quarter, for the complainants that won their cases, it was worth their while.
93% of determined cases in Q2 received higher compensation than original offers from the FSPs.
Low services levels
Service was the biggest issue for islanders between April and June of this year.
Poor administration or delays made up 32% of the case files opened by the CIFO this quarter.
Fraud was the second most common issue in 19% of case files, and third was non-payment of claim at 16%.
You can read the full report HERE.
