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CIO Complaint Statistics Fourth Quarter 2016-2017

Wednesday, August 30, 2017 - Posted by Michael McCulloch

The Credit and Investments Ombudsman ("CIO") have released their statistics for the fourth quarter of 2016 / 2017.

CIO reported that in the fourth quarter 1,821 enquiries were received. This represents a decrease of 3.65% however complaints received rose from 1,564  from 1,518 representing  a 2.94% increase.

Financial Service Provider ("FSPs") who received the most complaints were:

CIO further go on to explain that in the fourth quarter of 2016 / 2017:

  • They currently have 24,808 FSP members;
  • The average complaint was resolved in 175 days. This numbers includes figures where CIO referred the complaint back to the FSP for their own IDR;
  • On average it took 63 days to resolve a complaint pertaining to financial hardship.

Of the complaints received pertaining to financial hardship 65.4% of the 318 disputes received were resolved with a positive outcome for both the consumer and FSP.

You can read the summary via CIO News here.

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