Complaints Management Update
September Quarter 2015
In January 2010, the Reserve Bank of Fiji (RBF) issued its Supervision Policy on Complaints Management to the Licensed Financial Institutions (LFI’s)1.
The Policy requires LFI’s to implement a Complaints Management Framework that will effectively and efficiently resolve complaints by customers of LFI’s. The Policy also enables customers who are dissatisfied with the outcome of their complaints with the LFI’s to refer their complaints to the RBF for mediation and resolution.
This report provides an update on the complaints referred to the RBF in the third quarter of 2015. The complaints data provided in this report excludes the complaints received and resolved by the LFIs at their level.
In the third quarter of 2015, 16 complaints were referred to the RBF for mediation and resolution.
This was a decrease from 20 complaints received in the second quarter of 2015. A decline was noted in the complaints
1 Commercial Banks, Credit Institutions, Capital Market Participants, Insurance Companies or brokers, FNPF and Foreign Exchange Dealers
received when compared to the same period last year.
The complaints received were related to the insurance, banking and credit institutions (Graph 1).
C. Complaints Analysis
In the review quarter, four complaints remained unresolved. Two of these are currently being assessed by RBF while the other two are with the financial institution and complainant respectively for clarification (Table 1).
Complaints under investigation and resolved
For complaints received in the second quarter of 2015, only one remained unresolved. This complaint has been forwarded to the complainant to seek clarification on some relevant issues.
For the September 2015 quarter, 75 percent of the complaints were resolved.
Resolution to these complaints included reversal of fees and charges, bringing the complainant and LFI together to better understand their rights and duties, payment of unclaimed money and rebate of interest charged to loan account.
D. Types of Complaints Received
The complaints received by the RBF against the insurance industry were on motor vehicle insurance and claims handling process on declinature of claims (Graph 2).
The nature of complaints received by the RBF on the banking and credit institutions were mainly on fees and charges, fraud, loans and mortgages (Graph 3).
E. Consultative Meetings
During the quarter, the RBF held 13 meetings with complainants to resolve their complaints.
In addition, the RBF held four meetings with financial institutions. These meetings involved mediation and clarification of issues raised by complainants.
F. Other Major Activities
In the review Quarter, one onsite examination of LFIs was conducted by the RBF to ensure compliance with the Policy Guideline on Complaints Management.
Reserve Bank of Fiji