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Image source, Dominic Lipinski/PA Wire
The service ruled in favour of the customer in 57% of cases
More than 300 cases were resolved by the Channel Islands Financial Ombudsman (CIFO) last year.
The free service helps sort out disputes between consumers and local financial service providers.
There was a 20% increase in the number of complaints received, which the CIFO said reflected “global economic pressures”.
The most common complaint it received in 2022 was about home emergency insurance.
Mortgages, money and pensions also featured, as well as concerns about health and building insurance.
The service also dealt with a number of customers scammed out of money online, on social media or via WhatsApp.
Upward trend
In one case an individual made hundreds of payments totalling £300,000 to people he met on social media.
He unsuccessfully complained that his bank failed to notice the fraud and alert him.
The CIFO, based in Jersey, covers Jersey, Guernsey, Alderney and Sark and was set up more than seven years ago.
Looking ahead it says one challenge will be the upward trend in complaint numbers, as well as recruiting and retaining staff.
The service also wants to focus on educating islanders so issues do not arise in the first place.
Antony Townsend, chair of the board of directors, said: “So many of our complaints could have been avoided if consumers had possessed a better understanding of basic financial matters.
“We will also continue to work with financial services providers to help them improve their handling of complaints.”
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