Participants of the IFSO Scheme are financial service providers who have certain obligations set out in clauses 10 – 12 of the IFSO Scheme Constitution.
The Participants' key obligations are to:
- Tell customers and clients about their complaints process
- Tell customers and clients about the IFSO Scheme
- Appoint a complaints contact person
- Comply with any Award made by the Insurance & Financial Services Ombudsman
- Comply with the IFSO Scheme Constitution and Terms of Reference.
Participants must tell their customers about their complaints process
Participants of the IFSO Scheme are required to have a proper complaints process and to publicise it to their clients and customers e.g. on their website or in their "About Us" document.
Participant must tell their customers about the IFSO Scheme
Participants
of the IFSO Scheme must tell their customers on their website and/or in their
contractual documents that the IFSO Scheme is available to provide them with a
free complaints resolution service.
We recommend to all Participants that their inform customers about the IFSO Scheme when customers make a complaint to them. In our experience, Participants are more successful at resolving complaints when they provide clear complaints process information to their customers when they receive a complaint.
Participant need to appoint a contact person for the IFSO Scheme
In the event of a complaint lodged with the IFSO Scheme, Participants must appoint a contact person regarding the complaint.
Participant's complaint fees
Any complaint fees charged by the IFSO Scheme to the Participant may not be passed on to customers.
When the IFSO Scheme determines a complaint is within its jurisdiction, a complaint fee is payable by the Participant where the complaint has been:
- considered by the Participant's complaints process, and they were not able to resolve it, or
- where the complaint is not resolved within 2 months of referral to the Participant, or no progress is indicated, the IFSO Scheme deems “deadlock” has been reached.
Participant compliance with IFSO Scheme Awards
The IFSO Scheme decisions are binding on Participants but not on Complainants, unless a settlement is agreed by both parties. Participants must comply with any Award made by the Insurance & Financial Services Ombudsman which has been accepted by the Complainant.