Of the 1,293 complaints received between 1 January and 31 December last year, 963 complaints were rejected as they fell outside the CIFO remit.
A total of 230 cases were investigated during 2016, of which 81 were related to financial advice.
The second most complained about area was current accounts, with 53 complaints.
There were 12 complaints about ‘other investments’, while seven people sought the ombudsman’s help with whole of life insurance products.
Private pension products and international pension schemes both received five complaints.
Investigations
The issue at the heart of almost half (43%) of the complaints was mis-selling across all product areas. Fees and charges accounted for 16 complaints.
Of the 230 complaints that led to investigations, 39 were withdrawn, 80 mediated, and 30 determined.
No conclusion had been reached for the remaining 81 cases as of the end of 2016.
Out of mandate
Of the 963 complaints that were rejected by CIFO as they did not fall under its mandate, exempt financial services was the most common.
In an interview with International Adviser in April, ombudsman Douglas Melville confirmed that there are differences between the ombudsman’s remit in Guernsey and Jersey.
“There were carve outs in our remit designed into the law,” Melville said. “We don’t look at most investment funds, only the ones that are strictly limited to retail distribution. If they are sold through an IFA and there is investment advice involved, on Jersey that would be in our mandate.
“At the moment in Guernsey it would not, but that is under review, currently,” he said.
Exempt financial services; such as trust company business and fiduciary services, were the second most common complaints that fell outside CIFO’s mandate.
