Reserve Bank of Fiji – Complaints Update

For Quarter 4, 2010

1. The Reserve Bank of Fiji (RBF) received a total of 76 complaints from customers of financial institutions in 2010 as shown in Table 1. The number of complaints received in the 4th quarter rose by 22 percent, from 18 in the 3rd quarter to 22.

2. As at 31 December 2010, 59 percent of complaints received in the 4th quarter were investigated and closed. For those received in the 3rd and 2nd quarters, 72 and 92 percent, respectively, were investigated and closed. Complaints that were received in the 1st quarter have all been investigated and closed.

3. As Table 2 reports, 54 percent of the total complaints received in 2010 were against the banking industry, 26 percent against the insurance industry, 11 percent against the non-bank financial institutions, 5 percent against the capital markets participants and 4 percent against the superannuation industry. There were no complaints against the foreign exchange industry in 2010.

4. There were a total of 40 meetings held with complainants in 2010, averaging 10 in each quarter. These meetings were aimed at addressing concerns raised by the complainants.