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