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Statistics Report - April-June 2012

 

Total disputes received.

We received 8,920 disputes in April-June 2012. This is down 7% on the previous quarter but up 7% on April-June 2011.

 

Circular Issue 11 Total disputes received by quarter

 

Note: 'Disputes received' includes disputes that enter our dispute resolution process at the Registration stage and disputes that entered the process at the Acceptance stage.

Total disputes received by product line

Half of the new disputes received in April-June 2012 were about credit products and services and 28% were about general insurance products and services.

Disputes received by product line (Apr-Jun 2012)

PRODUCT LINE

NUMBER

%

Credit

4,571

50%

General insurance

2,572

28%

Payment systems

626

7%

Deposit taking

543

6%

Investments

421

5%

Life insurance

284

3%

Non-Terms of Reference products

106

1%

Traditional trustee services

12

<1%

Unclassified

5

<1%

Total

9,140  

Note: The total number of disputes received in this table exceeds the total for this quarter in the chart above. The total in that chart is based on counting each case, even if it is about multiple products and issues, as one dispute. The total in this chart is based on counting cases about multiple products and issues as multiple disputes.

Registered disputes

Registration is the first stage in our dispute resolution process. When we register a dispute, we record the basic details and refer them on to the financial services provider (FSP). The FSP then has an opportunity to resolve the dispute with its customer without our involvement. Click here for more information about our process.

We registered 4,739 disputes in April-June 2012. By the end of the quarter, 23% of these disputes had been resolved by the financial services provider and around three quarters were still open.

Registered disputes and their outcomes/statuses

OUTCOME/STATUS

NUMBER

%

Resolved by the financial services provider

1,088

23%

Still open – in Registration

2,074 44%

Still open – progressed to Acceptance

1,404 30%

Discontinued

28

1%

Outside our jurisdiction

145

3%

Total

4,739  

Accepted disputes

Acceptance is the second stage in our dispute resolution process. It is the point at which we start playing an active role in trying to resolve a dispute. Click here for more information about our process.

We accepted 6,359 disputes in April-June 2012, which is down 5% on the previous quarter but up 10% on April-June 2011.

 

Circular Issue 11 Disputes accepted by quarter

 The breakdown of accepted disputes by product line is very similar to the breakdown of all received disputes.

Accepted disputes by product line (Apr-Jun 2012)

PRODUCT LINE

NUMBER

%

Credit

3,328

51%

General insurance

1,933

29%

Payment systems

376

6%

Investments

338 5%

Deposit taking

321 5%

Life insurance

230

3%

Non-Terms of Reference products

53

1%

Traditional trustee services

3

<1%

Total

6,582  

Note: The total number of disputes accepted in this table exceeds the total for this quarter in the chart above. The total in that chart is based on counting each case, even if it is about multiple products and issues, as one dispute. The total in this chart is based on counting cases about multiple products and issues as multiple disputes.

Closed disputes

We closed 9,785 disputes in April-June 2012. This is the most disputes we have ever closed in one quarter. It is an increase of 12% on the previous quarter and an increase of 32% on April-June 2011.

 

Circular Issue 11 Disputes closed by quarter

Outcomes of closed disputes

The table below shows the outcomes of the disputes we closed in April-June 2012. Almost three-quarters of the closed disputes were resolved through an agreement between the financial services provider and the applicant (the person or business who lodged the dispute).

Outcomes of closed disputes (Apr-Jun 2012)

OUTCOME

TOTAL

%

Resolved by agreement

   

Assessment

305

3%

Conciliation

225

2%

Negotiation

431

4%

Resolved by financial services provider (FSP)

6,268

64%

     

Resolved by FOS decision

   

Decision in favour of applicant

338

3%

Decision in favour of FSP

432

4%

Decision confirming FSP offer/action

55

1%

     

Discontinued

627

6%

Outside FOS Terms of Reference

1,104

11%

     
Total 9,785  

 

Notes:

  • All the data in this report was correct at the time of extraction.
  • All the percentages in this report have been rounded to the nearest whole number. Because of this rounding, the sum of the percentages in a given table might not add to 100%.

 

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