The independent Channel Islands Financial Ombudsman (CIFO) today released its annual report and accounts for 2016 – following their presentation to the Jersey States Assembly and their publication by the Greffier in Guernsey for consideration at a future meeting of the States of Deliberation.
Read here – https://www.ci-fo.org/wp-content/uploads/2017/06/CIFOAnnualReport2016.pdf
David Thomas, Chair of the Board of Directors, said –
“This annual report and accounts of CIFO covers the first full calendar year of operation since we opened for business on 16 November 2015. CIFO was established by law to resolve, fairly and reasonably, complaints about financial services provided in or from the Channel Islands of Jersey, Guernsey, Alderney and Sark.
We are pleased with the response to this new service and are appreciative of the cooperation we have received from all stakeholders.
“CIFO experienced a higher volume of complaints than expected, many came to CIFO in the form of multiple complaints about a single issue and financial service provider.
We also experienced a high proportion of complaints that fell outside of CIFO’s statutory remit.
“The complaint statistics published with this annual report provide detailed information about the complaints received and how they were resolved.
These complaint statistics, combined with our quarterly published complaint statistics, provide transparency for this important public interest mandate.”
Notes
- The 2016 annual report gives further details both of complaints received and those that became ‘case files’ – these are complaints that are within CIFO’s mandate.
- The Channel Islands Financial Ombudsman (CIFO) resolves complaints about financial services provided in or from the Channel Islands of Jersey, Guernsey, Alderney and Sark.
- It is the joint operation of the bodies created by the Financial Services Ombudsman (Jersey) Law 2014 and the Financial Services Ombudsman (Bailiwick of Guernsey) Law 2014 (‘the Laws’).
- The office is independent and provides an informal, speedy, effective and free alternative to going to court for complainants.
- CIFO covers complaints about events from 1 January 2010 (if the financial services were provided from Jersey) or 2 July 2013 (if the financial services were provided from Guernsey, Alderney, or Sark).
- Complainants need to come to CIFO within 6 years of the event complained of or within 2 years of when the issue became apparent.
- The financial services provider must have been given a reasonable opportunity to deal with the complaint before it is referred to CIFO.
- Complaints can be taken to CIFO if the complainant is dissatisfied with the financial services provider’s final response to their complaint, or if the financial services provider fails to respond to the complaint within 3 months.
- The Ombudsman has prepared guidelines for providers on complaint handling which are available on the CIFO website.
- Broadly, CIFO can look at complaints – from individual consumers, microenterprises and certain Channel Islands charities – against financial providers involved in banking, lending, money services, insurance, pensions and some types of investments.
- CIFO will try to resolve the case by mediation. If mediation does not work, CIFO will investigate the case and issue a determination. If the complainant accepts the determination, it becomes legally binding on both sides. CIFO can require a financial services provider to pay compensation up to a maximum of £150,000.
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