Delays Top List of Finance Complaints

Administrative Failures and Delays Top Financial Complaint List, Ombudsman Reports

The Channel Islands Financial Ombudsman (CIFO) has identified poor administration and service delays as the main drivers of financial complaints in its latest quarterly review.

Between April and June, the office opened 90 new cases. Over a third of these (36%) involved administrative shortcomings or slow service, making it the most frequent grievance from customers in Jersey, Guernsey, Alderney, and Sark.

Current accounts generated the highest number of complaints, accounting for 52% of the new cases. Home emergency insurance followed with 13%, and health insurance made up 10%. Other recurring problems included the non-payment of claims (19%) and cases of fraud (9%).

During the same quarter, CIFO concluded 141 complaints. More than half (56%) were resolved either through mediation or by formal decisions issued by the ombudsman. Around 35% fell outside CIFO’s legal jurisdiction, while a small proportion were withdrawn or settled early.

Among the 78 cases that went through mediation or a formal ruling, 35% resulted in a full or partial win for the complainant, while 65% were decided in favour of the financial service provider.