Ombudsman who will ensure a complete investigation is done and provide a final decision. If the consumer accepts, the Ombudsman’s decision is binding on both parties. The Ombudsman can award compensation up to £150,000 to be paid by the FSP. This is not a penalty, but rather seeks to put the complainant back in the position they would have been in had the incident not occurred. In 2018 the average amount of compensation awarded was £13,231. If the complainant chooses not to accept the Ombudsman’s final decision, they are free to pursue the matter through other means, such as the courts.


Another way in which CIFO ensures it is effective in a small community is by maintaining complete confidentiality over the personal and financial affairs of complainants. CIFO never publishes the identity of complainants. In a 2018 decision, the Royal Court of Jersey supported CIFO’s approach to maintaining confidentiality for complainants.


It is an important part of CIFO’s role to share information on consumer issues we see, improve complaints handling, and reduce the incidence of complaints. This can help the public make better choices and protect themselves. We also identify policy issues of interest to governments, regulators, and other agencies. In this way, we help the entire community improve protection for financial consumers.


Maintaining an open and constructive dialogue with stakeholders has been crucial to CIFO’s success. CIFO engages with industry to identify themes seen through complaints and to determine means of working together to increase the effectiveness of the overall complaint handling process. By highlighting these themes, we hope to help financial services providers and their customers avoid future problems, and thereby reduce the number of complaints in


future. That, in our view, is the best measure of effectiveness for this new public interest role, an important part of the financial consumer protection framework in the Channel Islands.


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Book a test drive 20/20 - Finance Page 43


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