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Issue 18 - August 2014

Statistics report

 

We received 8,027 disputes from April-June 2014. This was a slight increase (0.2%) from the previous quarter and a 3% decrease from the same quarter last year.

During 2013-2014, we received 31,680 complaints and disputes which were a decrease (down 2%) compared with 2012-2013 (32,307).  The main decrease was attributed to the general insurance disputes (down by 9%).  The top FSPs’ effort to improve their Internal Dispute Resolution processes during 2013-2014 may be having an impact on the number of disputes accepted at FOS.

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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 3,502 disputes at the Registration stage in April-June 2014, which is an increase of 4% compared with last quarter. By the end of the quarter, almost 28% of these disputes had been resolved by the financial services provider, 26% had been escalated further to the next stage of our dispute 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 (5,988 disputes) was 2% higher than during the previous quarter and 4% lower than the same quarter last year.

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The breakdown of accepted disputes by product line is consistent with the breakdown of disputes received in this quarter (as discussed above).

The proportion of disputes accepted by product lines remains similar to previous quarters.

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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 8,498 disputes this quarter. This was 9% higher than last quarter but 2% lower than the same quarter last year. Year to date, we closed 33,450 complaints and disputes which was a slight decrease (1%) compared with last financial year.

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Total disputes closed (by outcome)
The table below shows the outcomes of the disputes we closed in April-June2014. Of those disputes, 67% 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 (3%) 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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