Complaints data out in the open
Consumers will now be able to view comparative tables about the disputes performance of major financial services providers as part of a new initiative by the Financial Ombudsman Service (FOS).
The new tables publish information about the company, the number of complaints, the time taken to resolve the problem and the outcome in a bid to keep companies on their toes.
“We believe that by publishing this detailed information we will be encouraging financial services providers to direct more resources to the right areas so as to create the greatest benefit for consumers who have encountered problems with the products they have bought,” said FOS chief ombudsman Colin Neave.
The tables were published as a part of the FOS’s annual review, which found that the number of disputes brought to the FOS increased by 6 per cent to almost 23,800 over the 2009-2010 financial year.
Investments (27 per cent), insurance (24 per cent) and credit disputes (17 per cent) experienced the biggest jumps.
Financial planners received a total of 1,063 accepted disputes, 59 per cent of which was to do with advice given, while 11 per cent was in relation to disclosure.
But while the overall number of disputes rose to a total of almost 23,800, so to did the number of resolved disputes, which experienced a significant increase to 27 per cent.
AUTHOR
Ashleigh McIntyre
Recommended for you
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
With less than 5 per cent of Dixon Advisory complaints closed, AFCA has detailed how it is dealing with systemic issues, known as batch matters, through a consistent yet case-by-case approach.
For financial advisers and business owners seeking to run a top advice firm, Adviser Ratings has shared the characteristics of these leaders from top firms focusing on “scale, specialisation and sophistication”.
As Stephen Jones cites the new class of qualified advisers as a way to reduce legislative complexity in advice, the FAAA’s Sarah Abood says its members still have qualms with the idea and its naming.
