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Unresolved Complaints

Customer Communication

CIFO believes that a large number of complaints could be reduced if financial service providers (FSPs) offered clear communication and robust customer service. Tips on how to provide customer communications:

  • Information – provide information and ensure it is clear and relevant as your customers may not fully understand the issues.
  • Your manner – try to put yourself in your customer’s place, be empathetic, polite and listen to their issues.
  • Timely – present up-to-date information in a timely manner so customers have enough time to decide how they wish to proceed and avoid delays in producing information.
  • Forms of communication – use all appropriate forms of communication channels: websites, letters, telephone calls, emails, web-chats and face to face meetings.
  • Updates – provide regular updates on your progress to ensure the customer remains informed.
  • Process – ensure you are complying with your internal service level agreements, policies, procedures, and any legal requirements.
  • Accept responsibility – if something has gone wrong, do not be afraid to apologise.

Distress & Inconvenience Awards

This is an award to recognise the distress and/or inconvenience a customer may have suffered as a direct result of a FSP’s actions or lack of action.

CIFO has published guidance on our general approach to compensation for losses. This can be located here.