Part 1 - Executive Summary 4
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1 Financial Services Ombudsman Bi-Annual Review 2013
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3 Contents Part 1 - Executive Summary 4 Part 2 - Trend Analysis Summary of Trends 2.2 Overall Number of New Complaints Received and Complaints Closed 2.3 Complaints Received by Sector 2.4 Finding Outcomes 2.5 Areas of Change Part 3 - Summary of Complaints Qtr Summary of Complaints received and Complaints Closed 3.2 Complaints & Enquires received via telephone and website 3.3 Complaints Closed Pre-investigation Part 4 - What Complaints were about (Product Types and Complaint Types) Qtr Overall Complaints Received by Sector 4.2 What Products were complained about Investment, Banking and Insurance 4.3 What Complaints were about Investment, Banking and Insurance Part 5 - Mediation, Findings and Awards Summary 5.2 Outcome of Finding - All Sectors 5.3 Outcome of Findings Issued by Sector 5.4 Outcome of Findings Issued by Product Type by Sector Bi-Annual Review - 1st January to 30th June
4 Part 1 - Executive Summary The first six months of 2013 has been an extremely challenging time for the office. The total number of Complaints made increased by 27% in comparison with the same period last year. This is not unexpected as the office continues to be a focus point in the resolution of a myriad of legacy issues arising from the financial crisis. However, the level of increase in complaints has put unprecedented strains on the capacity of the office as it necessarily strives to resolve cases at a rate approximating the increases in demand for its services. Insurance comprises of 50% of all complaints received and this is broadly consistent with outturns of previous periods. 44% of Insurance complaints relate to Payment Protection Insurance (PPI). PPI complaints comprise of 22% of complaints overall and have increased 150% from the same period in 2012 from 410 to The increase in these complaints can, in part, be attributed to the Review directed by the Central Bank of Ireland, into the sale of Payment Protection Insurance (PPI) Policies from 1st July 2007, and media coverage on the issue. Banking complaints constitute 36% of complaints received overall. The two main product types complained of are mortgages and accounts. Mortgages complaints have increased 51% on the same period last year rising from 499 to 757. We expect this trend of increasing complaints on mortgages to continue in the future. A significant portion of these complaints received are in relation the repayment terms offered by banks after the mortgages arrears resolution process (MARP) has been completed. Complaints pertaining to the information, or lack thereof, given when switching from tracker rate to a variable or fixed rate of interest are still prevalent. 30% of banking complaints relate to accounts. The complaints here largely relate to maladministration and customer service and frequently relate to relatively small amounts at issue. This office would look to the banks to reduce the amount of complaints received regarding such matters, and request that they deal with such complaints through the complaint handling procedures in the Consumer Protection Code. These types of complaints should be dealt with efficiently, fairly and in early course. Complaints regarding accounts have increased by 47% on the same period last year. However, on a positive note, they have reduced by 32% on the last two quarter in This is largely as a result of Ulster Bank successfully resolving the large majority of complaints made against it arising from the technical glitch it experienced in Investment complaints have increased by 36%. Investment complaints comprise 12% of complaints received overall. Although relatively small in number, in comparison to banking and insurance complaints, they pose their own individual challenges to the office given the complex financial issues involved, the detailed submissions from both parties to the dispute and the necessity in some complaints to hold oral hearings Findings were issued in the Quarter The office has always carefully monitored the outcome of Findings as a measure of performance of the complaint handling of providers. Here, the results of the last period are mixed as they show that the Banking sector s performance in complaint handing compares unfavourably to other sectors. Improvements have been recorded in Investments (4% increase in Findings not upheld) and Insurance (3% increase in Findings not being upheld). Outcomes in Banking remain unchanged from the previous period. 69% of Banking complaints are not upheld broadly 10% below the level not upheld for other financial sectors. A key challenge for the office in the short term is to identify the drivers of the relatively poorer performance of the Banking sector and engage stakeholders with a view to improving their performance. On a positive note 21% of complaints were settled in the Complainant s favour by Providers in the quarter of This office encourages efficient, effective and early engagement with consumers regarding their complaints. 4 - Financial Services Ombudsman
5 Part 2 : Trend Analysis 2.1 Summary of Trends 1. Overall increase of 27% in Complaints on the quarters of 2012 and a 5% increase on the last 2 quarters of Investment Complaints (including complaints about Pensions and Endowment Policies) have increased by 36% on the last 2 quarters of 2012 from 408 to Banking Complaints decreased by 6% on the last 2 quarters of The overall amount of Insurance Complaints increased by 7% on the last 2 quarters of New Complaints Received 1st and 2nd quarter 2012 & 2013 and Percentage Increase period on period Jan Feb March April May June New Complaints Received Reporting Period % increase January % February % March % April % May % June % Total % Bi-Annual Review - 1st January to 30th June
6 Part Overall Number of New Complaints Received and Complaints Closed Chart 1 - Overall Number of New Complaints Received and Complaints Closed Qtr 2013 New Complaints Closed Complaints Table 1 - Overall Number of New Complaints Received and Complaints Closed Qtr 2013 New Complaints Received Complaints Closed Financial Services Ombudsman
7 Trend Analysis 2.3 Complaints received by Sector for respective periods Chart 2 - Overall Number of New Complaints Received and Complaints Closed Qtr Investment Banking Insurance Complaints about Non Financial Service Providers Table 2 - Complaint received by Sector for respective periods Qtr 2013 Investment Banking Insurance Complaints about Non Financial Services Providers* Total *Please note that non-financial Services Provider relates to complaints sent to this office regarding airlines, hired cars, garages, mobile phone companies etc; these Complaints are referred to the relevant body who deals with same. Bi-Annual Review - 1st January to 30th June
8 Part Finding Outcomes for respective periods Chart 3 - Finding Outcomes for respective periods 100% 90% 80% 70% 60% 75% 76% 71% 74% 72% 74% 76% 50% 40% 30% Not Upheld Partly Upheld Upheld 20% 10% 0 25% 16% 8% 17% 14% 17% 17% 16% 12% 12% 11% 9% 8% Qtr 2013 Table 3 - Finding Outcomes for respective periods Qtr 2013 Upheld 354 (25%) 88 (8%) 172 (12%) 189 (12%) 173 (11%) 129 (9%) 118 (8%) Partly Upheld 0* 171 (16%) 241 (17%) 226 (14%) 274 (17%) 231 (17%) 238 (16%) Not Upheld 1045 (75%) 785 (76%) 1025 (71%) 1187 (74%) 1165 (72%) 1018 (74%) 1147 (76%) Total 1399 (100%) 1044 (100%) 1438 (100%) 1602 (100%) 1612 (100%) 1378 (100%) 1503 (100%) *In the 3rd Quarter of 2010, this office began to record in its database an additional Finding Category; Partly Upheld. This is where a complaint is upheld but only in part (as provided for in the applicable legislation). 8 - Financial Services Ombudsman
9 Trend Analysis Finding Outcome by Sector and Compensation Awarded (Investment, Banking & Insurance for respective periods) Outcome of Investment Findings Chart 4 - Outcome of Investment Findings 100% 90% 80% % 74% 66% 74% 68% 78% 82% Not Upheld Partly Upheld Upheld % 17% 24% 19% 23% 9% 10% 7% 9% 17% 14% 5% 4% Qtr 2013 Table 4 - Outcome of Investment Findings Upheld Partly Upheld Not Upheld 148 (27%) (73%) 34 (9%) 58 (17%) 260 (74%) 34 (10%) 84 (24%) 239 (66%) 20 (7%) 52 (19%) 203 (74%) 28 (9%) 70 (23%) 211 (68%) qtr (5%) 43 (17%) 203 (78%) Qtr (4%) 32 (14%) 186 (82%) Chart 5 - Compensation Awarded - Investment 580, , , , ,282 Qtr , ,899 Bi-Annual Review - 1st January to 30th June
10 Part 2 Outcome of Banking Findings Chart 6 - Outcome of Banking Findings 100% 90% 80% % 74% 67% 70% 72% 69% 69% Not Upheld Partly Upheld Upheld % 15% 11% 18% 14% 15% 16% 17% 18% 18% 11% 13% 13% Qtr 2013 Table 5 - Outcome of Banking Findings Upheld Partly Upheld Not Upheld 109 (30%) (70%) 28 (11%) 35 (15%) 171 (74%) 64 (15%) 73 (18%) 274 (67%) 77 (16%) 72 (14%) 347 (70%) 45 (11%) 73 (17%) 308 (72%) 63 (13%) 83 (18%) 326 (69%) Qtr (13%) 88 (18%) 339 (69%) Chart 7 - Compensation Awarded - Banking 100, , , , , ,846 Qtr Financial Services Ombudsman
11 Trend Analysis Outcome of Insurance Findings Chart 8 - Outcome of Insurance Findings 100% 90% 80% % 81% 76% 77% 74% 76% 79% Not Upheld Partly Upheld Upheld % 13% 6% 13% 12% 15% 11% 11% 11% 16% 15% 8% 6% Qtr 2013 Table 6 - Outcome of Insurance Findings Upheld Partly Upheld Not Upheld 147 (20%) (80%) 26 (6%) 54 (13%) 354 (81%) 74 (11%) 84 (13%) 512 (76%) 92 (11%) 102 (12%) 637 (77%) 100 (11%) 131(15%) 646 (74%) 53 (8%) 105 (16%) 489 (76%) Qtr (6%) 118 (15%) 622 (79%) Chart 9 - Compensation Awarded - Insurance 150, , , , , , ,298 Qtr 2013 Bi-Annual Review - 1st January to 30th June
12 Part Areas of Change Chart 10 - Areas of Change Qtr Payment Protection Mortgages Accounts Motor Table 7 - Areas of Change Qtr 2013 Percentage Increase/Decrease Payment Protection % Mortgages % Accounts % Motor % 12 - Financial Services Ombudsman
13 Part 3 - Summary of Complaints 3.1 Summary of Complainants Received and Complaints Table 8 - Summary of Complaints Received and Complaints Closed Quarter 2013 Qtr 2013 Complaints on Hand 1 Jan * New Complaints received 4676 Complaints Closed 4387 Complaints on hand 30 June * Complaints at hand on the 1 January 2013 differ by 94 complaints to the closing figure of the 31 December 2012 due to the re-opening of Complaints closed in 2012 in 6 month period between 1 Jan June Complaints & Enquiries received via Telephone and Website Table 9 - Complaints & Enquires Received Qtr 2013 Telephone Queries 11,500 On-line contact (website hits) 44,240 Bi-Annual Review - 1st January to 30th June
14 Part Complaints closed Pre-Investigation Chart 11 - Complaints closed prior to Investigation 34% 21% Settled Closed due to no Further Contact Advisory Referrals Outside Remit of this Office 7% 38% Table 10 - Reasons Complaints closed prior to Investigation Qtr 2013 Settled 590 (21%) Closed due to no Further Contact 1102 (38%) Advisory Referrals 198 (7%) Outside Remit of this office 988 (34%) Total 2878 (100%) 14 - Financial Services Ombudsman
15 Part 4 - What Complaints were about (Product Types and Complaint Types) The Bureau receives complaints covering three broad sectors; Insurance, Banking and Investment. Each sector is divided into two sub categories, one for what products were complained about (e.g. in the Banking sector; Credit Card, Mortgages and Lending Products), and the other for what the complaints themselves relate to. This Section aims to show what complaints were received by sector (Charts 12), what products were complained about per Sector (charts 13,14,15 ) and what the complaints were about per Sector (charts 16,17,18) and for the Quarter Overall Complaints Received by Sector Chart Invesment Banking Insurance Complaints against non Financial Service Providers/Outside Remit Table 11 - Complaints Received by Sector Sector Qtr 2013 Investment % Banking % Insurance % Complaints against non Financial Service Providers 107 2% Total % Bi-Annual Review - 1st January to 30th June
16 Part What Products were Complained about Investment, Banking and Insurance Investment Chart 13 - Investment Endownment Policies Pension Investment Table 12 - What Products were Complained about (Investment) Product Type Qtr 2013 Endowment Policies 26 5% Pension 86 15% Investment % Total % 16 - Financial Services Ombudsman
17 What Complaints were about Banking Chart 14 - Banking Accounts ATM Credit Cards 5 4 Commercial Foreign Exchange 14 Lending Mortgages Not Applicable Table 13 - What Products were Complained about (Banking) Product Type Qtr 2013 Accounts % ATM 36 2% Credit Cards % Commercial 5 0.5% Foreign Exchange 4 0.5% Lending % Mortgages % Not Applicable 14 1% Total % Bi-Annual Review - 1st January to 30th June
18 Part 4 Insurance Chart 15 - Insurance Commercial Critical/Serious Illness Household Buildings Income Protection/PHI 262 Life Medical Expenses Mortgage Protection Payment Protection 199 Motor Travel Miscellaneous* 15 Non Applicable Table 14 - What Products were Complained about (Insurance) Product Type Qtr 2013 Commercial 47 2% Critical/Serious Illness 49 2% Household Buildings 201 9% Income Protection/PHI 66 3% Life % Medical Expenses 137 6% Mortgage Protection 105 5% Payment Protection % Motor 199 9% Travel 125 5% Miscellaneous* 85 4% Non Applicable 15 1% Total % *miscellaneous relates to products, including but not limited to, Marine, Farm, Computers, Mobile phones and Pet Insurance where less than 10 complaints were received per percentage figure Financial Services Ombudsman
19 What Complaints were about 4.3 What Complaints were about Investment, Banking and Insurance Investment Chart 16 - What Complaints were about (Investment) Maladministration & Customer Care Mis-selling and Misrepresentation Poor Performance of policy/fees & Charges 344 Table 15 - What Complaints were about (Investment) Complaint Type Qtr 2013 Maladministration & Customer Care % Mis-selling and Misrepresentation % Poor Performance of Policy/Fees & Charges 54 10% Total % Bi-Annual Review - 1st January to 30th June
20 Part 4 Banking Chart 17 - What Complaints were about (Banking) Credit Rating ICB Customer Care Direct Debit/Standing Orders Disputed Balances & Transactions Terms and Conditions Fees & Charges Interest Applied Maladministration Mis-selling Opening/ Closing Accounts Overdrafts Refusal Repayment Terms Unauthorised Withdrawals Non Applicable Table 16 - What Complaints were about (Banking) Complaint Type Qtr 2013 Credit Rating ICB 17 1% Customer Care % Direct Debit/Standing Orders 35 2% Disputed Balances & Transactions 100 6% Terms and Conditions 15 1% Fees & Charges 81 5% Interest Applied % Maladministration % Mis-selling 70 4% Opening/ Closing Accounts 29 2% Overdrafts 19 1% Refusal 104 6% Repayment Terms % Unauthorised Withdrawals 40 2% Non Applicable 18 1% Total % 20 - Financial Services Ombudsman
21 What Complaints were about Insurance Chart 18 - What Complaints were about (Insurance) Claim Handling 194 Customer Care 85 Mis-selling 1116 Maladminstration 132 Policy Review Premium Rates Renewal/Lapse/ Cancellation of Policy Repudiation of Claim/Settlement Amount 554 Surrender Values/Bonus Rates Non Applicable Table 17 - What Complaints were about (Insurance) Complaint Type Qtr 2013 Claim Handling 194 8% Customer Care 85 4% Mis-selling % Maladministration 132 6% Policy Review 72 3% Premium Rates 42 2% Renewal/Lapse/ Cancellation of Policy 90 4% Repudiation of Claim/Settlement Amount % Surrender Values/Bonus Rates 14 1% Non Applicable 19 1% Total % Bi-Annual Review - 1st January to 30th June
22 Part 4 5. Mediation, Finding and Awards 5.1 Summary This Section intends to examine the Findings Issued by Upheld, Partly Upheld and Not Upheld overall, By Sector and by Product Type. The total number of complaints dealt with via mediation & investigation in the 1 & 2 Quarter 2013 was The total amount of compensation awarded, including where rectification is directed by the Ombudsman, during the period from the 1 January to the 30 June 2013 was Banking accounting for 100,827, Investment 146,148 and Insurance 150,620. Total Compensation awarded in the 1 & 2 Quarters of 2013 was 397, Outcome of Findings and Mediation all Sectors Chart % 7.50% 16% Upheld Partially Upheld Not Upheld Mediation 76% Table 18 -Outcomes of Findings All Sectors Finding Outcome Qtr 2013 Upheld % Partly Upheld % Not Upheld % Mediation 6 0.5% Total % 22 - Financial Services Ombudsman
23 5.3 Outcome of Findings Issued By Sector Chart % 90% 80% % 69% 79% 18% 14% 15% 13% 4% 6% Investment Banking Insurance Not Upheld Partly Upheld Upheld Table 19 - Outcome of Findings Issued by Sector Qtr 2013 Upheld Partly Upheld Not Upheld Total Investment Banking Insurance Total 118 (8%) 238 (16%) 1147 (76%) 1503 (100%) Bi-Annual Review - 1st January to 30th June
24 Part Outcome of Findings Issued by Product Type by Sector Outcome of Findings Issued by Product Type by Sector (Investment) Chart 21 Endowment Policy Investment Pension Not Upheld Partly Upheld Upheld Table 20 - Outcome of Findings Issued by Product Type by Sector (Investment) Qtr 2013 Upheld Partly Upheld Not Upheld Total Endowment Policy Investment Pension Total 10 (4%) 32 (14%) 186 (82%) 228 (100%) 24 - Financial Services Ombudsman
25 Mediation, Finding and Awards Outcome of Findings Issued by Product Type by Sector (Banking) Chart 22 Accounts ATM Commerical Credit Cards Foreign Exchange Lending Mortgages Not Upheld Partly Upheld Upheld Table 21 - Outcome of Findings Issued by Product Type by Sector (Banking) Qtr 2013 Upheld Partly Upheld Not Upheld Total Accounts ATM Commercial Credit Cards Foreign Exchange 4 4 Lending Mortgages Total 61 (13%) 88 (18%) 339 (69%) 488 (100%) Bi-Annual Review - 1st January to 30th June
26 Part 5 Outcome of Findings Issued by Product Type by Sector (Insurance) Chart 23 Commercial Critical/Serious Illness Farm Hospital Cash Plan Household Buildings Income Protection/ PHI Life Medical Expenses Mortgage Protection Payment Protection Motor Personal Accident Pet Insurance Travel Not Upheld Partly Upheld Upheld Table 22 - Outcome of Findings Issued by Product Type by Sector (Insurance) Qtr 2013 Upheld Partly Upheld Not Upheld Total Commercial Critical/Serious Illness Farm Hospital Cash Plan Household Buildings Income Protection/ PHI Life Medical Expenses Mortgage Protection Payment Protection Motor Personal Accident Pet Insurance Travel Total 47 (6%) 118 (15%) 622 (79%) 787 (100%) 26 - Financial Services Ombudsman
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