Annual Report on Operations 2016

The Credit and Investments Ombudsman (CIO) has today released its Annual Report on Operations for 2015/16.

Key highlights for the year include:
  • nearly 27,000 enquiries were received, up 23.4%,
  • 4,760 complaints were made against financial services providers,
  • financial hardship complaints have decreased to 21% of all complaints received, but still feature as one of the largest sources of complaints,
  • credit reporting complaints have climbed to 29% of all complaints received,
  • sectors attracting the largest number of complaints were debt purchasers and collectors (42%), residential lenders and mortgage managers (14.5%), and consumer retail finance providers (7.8%),
  • nearly 23,000 financial services providers are now members of CIO,
  • 61% of complaints were resolved in the consumers’ favour,
  • consumers received $5.8 million in refunds or compensation, and
  • systemic issues and serious misconduct investigations alone resulted in more than $396,000 being paid out to consumers.

Follow the link to download a full copy of the report: