Annual Report on Operations 2017
The Credit and Investments Ombudsman (CIO) has released its Annual Report on Operations for 2016/17.
Key highlights for the year include:
- 5,892 complaints were made against financial services providers, up 24%,
- nearly 26,000 enquiries were received, down 4%,
- credit reporting complaints made up 26% of all complaints received,
- financial hardship complaints have decreased to 20% of all complaints received,
- nearly 25,000 financial services providers are now members of CIO,
- consumers received $7.7 million in refunds or compensation, and
- 39 new systemic issues were reported to ASIC, a number of them have been the subject of regulatory action, including remedial outcomes.
Follow the link to download a full copy of the report: