The Insurance Complaints Board, the Banking Complaints Board and the Investment Complaints Board are alternative dispute resolution bodies operating in the same manner as a court of justice. They can be approached for a resolution in disputes concerning insurance, banking or securities matters.
The resolutions issued by the Boards in disputes between a customer and a service provider are of a recommendatory nature. The financial sector has followed the recommendations for resolutions issued by FINE’s Boards to an excellent extent.
This is what you should do
- Always contact the service provider first.
- Before addressing your complaint to FINE, contact your service provider first: the claims handler at the insurance company responsible for you case, the bank, the investment service company or the mutual fund company. This makes it possible for you to ensure that the service provider has received all the necessary information, documents, photos or other clarifications.
- You can contact FINE if direct discussions with the service provider do not lead to a solution of your problem.
- Most cases are solved already through advice, and the solution is more rapidly reached.
- If these steps do not bring a result and the decision taken by the service provider still seems unsatisfactory, a further remedy available to you is to ask for FINE’s recommended solution.
- Request for a resolution recommendation.
- To obtain a resolution recommendation, you should make a written complaint and sign it.
- You can file the complaint or request for information by using the web contact form. The writ for complaint should be clear and concise.
- The complaint should include at least the following information:
- Complainant’s name and contact details, including the phone number during office hours
- If an attorney is used, his/her contact details and a power of attorney from the client = complainant.
- Details of the service provider in question (insurance company, bank, investment service company or mutual fund company)
- The product or service concerned
- The response given so far by the service provider in the case; in insurance matters, the insurance and claim number, specifying which particular decision of the insurance company is the object of the request.
- Specified financial claims, in other words, what parts of the service provider's service or decision should be changed
- Grounds for the changes or compensations requested
- Issue of a resolution recommendation.
- FINE will issue a written resoluton recommendation both to the customer and the service provider.
N.B. The complaints must be accompanied by copies of the documents you wish to plead to in your case. Please do not send original prints, prints, receipts or invoices. FINE is not in charge of any compensation payments and therefore these documents are not needed.
Agent and authorisation
When asking for a recommendation for the resolution of a dispute, the customer does not need to use a legal counsel or an agent. Based on its Regulations, FINE does not examine the reimbursement of expenses incurred in making a complaint to FINE. This also applies to expenses incurred in using an agent.
However, if you wish to have an agent representing you, the agent must always present FINE with an authorisation (power of attorney) given by you. Lawyers and legal aid counsels also need to present an authorisation. This is due to the non-disclosure obligations stipulated in the legislation covering the financial sector. Due to these stipulations, an agent cannot receive any information on an individual case before they present their authorisation. You can download the authorisation here.
Alternative solution through the Consumer Disputes Board and courts of law
In several insurance and banking issues, you can also refer to the Consumer Disputes Board. The proceedings in these Boards are mutually exclusive: FINE will not issue a decision in a case pending at the Consumer Disputes Board.
Moreover, FINE will not issue a recommended solution in a case that is pending or has been examined by a court of law.