The CIFO provides a mechanism to resolve complaints about financial services such as deposit-taking, credit, money services, insurance, investments and pensions provided in or from the Channel Islands.
Before the CIFO was established, the only way to escalate an unresolved complaint was for the complainant to take court proceedings. The CIFO now provides an effective and quick mechanism for eligible customers, such as individuals, microenterprises and small Channel Island charities, to levy complaints against financial services businesses.
Subject to the application of certain time limits, the CIFO will try to resolve cases by mediation, helping parties to reach a fair settlement. If mediation does not resolve the issue, the CIFO will investigate and issue a decision which, if accepted by the complainant, will be legally binding on both parties. The maximum compensation amount which the ombudsman can award is £150,000. No fees will be payable by complainants as the CIFO costs are met by the financial services industry through annual levies and case fees.