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Circular 16 - January 2014

Statistics report

 

We received 7,448 disputes from October - December 2013. This was a 10% decrease from the previous quarter and a 3% decrease from the same quarter last year. The reduction in credit, general insurance and payment systems disputes are the main factors involved in the lower numbers compared to the same quarter last year.

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Total disputes received by product line

The majority of disputes received this quarter continued to be credit disputes (49%), followed by general insurance disputes (26%).
 

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Note: The total number of disputes received in this table exceeds the total reported 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.

 

Disputes received at the Registration stage

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 the consumer directly, without our involvement. Click here for more information about our process.

We received 3,140 disputes at the Registration stage in October – December 2013, which is a reduction of 11% compared with last quarter. By the end of the quarter, 29% of these disputes had been resolved by the financial services provider, 23% had been escalated further to the next stage of our resolution process, and around 43% were still open at the Registration stage.

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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.

The number of disputes accepted during this quarter (5,497 disputes) was 11% lower than during the last quarter and 5% lower than during the same quarter last year. We anticipated this reduction as financial services providers had told us they would be focusing on improving their Internal Dispute Resolution process from this financial year onwards.

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The breakdown of accepted disputes by product line is consistent with the breakdown of disputes received in this quarter.

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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.

 

Disputes closed 

We closed 8,529 disputes this quarter. This number is 3% lower than last quarter but 2% higher than the same quarter last year.
 

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Total disputes closed (by outcome) 

The table below shows the outcomes of the disputes we closed in October – December 2013. Of those disputes, 69% were resolved through an agreement between the financial services provider and the consumer (the person or business who lodged the dispute), which was a slight decrease (2%) on last quarter.
 

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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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