Fraud most common finance complaint, report finds

Fraud remains the most common financial complaint in the Channel Islands, an independent ombudsman has reported.

The Channel Islands Financial Ombudsman (CIFO) is an independent service which works to resolve complaints between people and financial service providers such as banks and insurance companies.

It said it had opened 115 cases about services between July and September, 28 of which were about fraud.

Almost two-thirds (72) of the complaints made about financial service providers had been about current bank accounts, the CIFO added.

The ombudsman said 12 complaints had been about health insurance and nine about home emergency insurance.

It reported 22 of the complaints about providers of financial services had been made about suspension of service and 20 about poor administration and delay.

In the third quarter of the year, the CIFO reported it had closed 214 complaints, of which 110 had been mediated or determined by an ombudsman - 60 of which had been found in favour of the complainant.

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