We received 8,174 disputes from July-September 2014. This was a slight increase (2%) from the previous quarter and a 1% decrease from the same quarter last year. The increase may in part be due to the four additional business days this quarter compared with last quarter. Credit and general insurance disputes continue to be the largest contributors to the overall complaints and disputes received this quarter.
Total disputes received by product line
The majority of disputes received this quarter continued to be credit disputes (48%), followed by general insurance disputes (25%).
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 3,352 disputes at the Registration stage in July-September 2014, which is a decrease of 4% compared with last quarter. By the end of the quarter, almost 31% 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 41% were still open at the Registration stage.
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 (6,163 disputes) was 3% higher than the previous quarter, but was consistent with the same quarter last year.
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.
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.
We closed 8,927 disputes this quarter. This was 5% and 2% higher than last quarter and the same quarter last year respectively.
FOS initiatives to improve dispute resolution processes and eliminate backlogs, coupled with the additional working days this quarter, are the main reasons for this increase.
We closed more credit and general insurance disputes in comparison with other product lines. This is consistent with the higher number of credit and general insurance complaints and disputes received.
Total disputes closed (by outcome)
The table below shows the outcomes of the disputes we closed in July-September 2014. Of those disputes, 66% 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 (1%) on last quarter.
· 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%.