The Channel Islands Financial Ombudsman (CIFO) commenced operations on 16 November and this has necessitated certain revisions to the Jersey Financial Services Commission’s (JFSC) published Complaint Handling Guidance Note. Please find below the link to the revised Guidance Note: http://www.jerseyfsc.org/pdf/The-Ombudsman-and-how-to-make-Consumer-Complaints-Nov-2015.pdf The JFSC have emailed all Jersey firms is to inform them of a revised approach […]

The Channel Islands Financial Ombudsman has published Consultation Paper 3 on a model complaint-handling procedure for financial services providers. This can be found at http://bit.ly/1MhTnxY

The new proposals for financial services firms will mean that firms will have longer to resolve complaints on a less formal basis. Firms will now have three days to address a consumer’s complaint and resolve it. The FCA’s intention behind the rules is to enable firms to resolve more complaints first time instead of complying […]

The new website is available at www.ci-fo.org. Particular attention should be paid to the Funding Section as the Annual Levy notices have been sent to all entities who are required to pay (All regulated entities other than Trust Companies). If for any reason you want to apply for zero rate this has to be done […]

The FCA has published a policy statement on improving complaints handling. The policy statement contains the FCA’s response to the feedback it received on its consultation paper published in December 2014 as well as the new rules. The new rules include the following requirements: extension of the “next business day rule” to three business days; […]

The Financial Ombudsman Service (FOS) handled more than 327,000 complaints in the first half of the year, a record for the organisation, figures published today show. During the six-month period, the ombudsman service took on 327,035 new complaints – an increase of 15% on the previous six months. More than 95% of the cases came […]

The Financial Conduct Authority (FCA) has announced a review of complaints handling and management in major firms, including building societies. In a speech to the Building Societies Association (BSA) today, Linda Woodall, the FCA’s director of mortgages and consumer lending, said: “something isn’t working in the way firms manage and investigate customers’ complaints”. Woodall said […]