As the Deputy will appreciate, the Financial Services and Pensions Ombudsman is independent in the performance of his functions. I understand that each complaint is different and is dealt with based on its own merits.
That said, the Office of the Financial Service and Pensions Ombudsman has provided the following information based on the work of the Financial Services Ombudsman for the year 2017 in relation to his dispute resolution service and his formal processes of investigation and adjudication.
Dispute resolution provides a flexible and innovative approach to complaint resolution. For those complaints closed in 2017 via Dispute Resolution using mediation techniques:
- 43% were closed within 2 months;
- 67% were closed within 4 months;
- 79% were closed within 6 months; and
- 21% took over 6 months to close.
Complaints not resolved through informal processes and considered to be within jurisdiction, are subsequently formally investigated and adjudicated. For those complaints closed in 2017 following a full investigation and written adjudication:
- 13% were closed within 1 year;
- 65% were closed within 2 years;
- 80% were closed within 3 years; and
- 20% took over 3 years to close.
As the investigation process involves regular exchanges of evidence, the length of this process is dependent on the number of submissions made by each party, and the complexity of the matters at hand.
The Office of the Financial Services and Pensions Ombudsman has also provided the following table with details of complaints received and closed in 2014 to 2017 and also from January to October of 2018.
|
Year
|
Complaints received
|
Complaints closed
|
|
01.01.18 – 30.10.18
|
4937
|
3742
|
|
2017
|
4538
|
3867
|
|
2016
|
4,513
|
4323
|
|
2015
|
4,872
|
4915
|
|
2014
|
4477
|
5878
|
