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Statistics about enquiries and complaints 2016: banking-related topics the clear leader, complaint management systems under scrutiny

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The FMA handled around 8,800 enquiries and complaints from consumers in 2016. Of those, around 2,260 enquiries and complaints were in relation to banking supervision, around 1,240 regarding insurance supervision and approximately 1,180 were related to securities supervision – the three supervision areas receiving the most enquiries and complaints. The majority of enquiries and complaints, around 5,800 in total, were received in writing, with around 3,000 reaching the FMA by telephone.

Broken down thematically, problems relating to the transferring of portfolios during the closing down of an online brokerage service led to an accumulation of complaints. In accordance with its statutory mandate, the FMA ensured that the interests of consumers were given proper consideration in the process of transferring portfolios. The transferring of portfolios has meanwhile been concluded without any loss being incurred by customers. There were also a large number of enquiries in relation to the stricter rules about the verification of the identity of customers, in order to prevent money laundering and terrorist financing. The FMA used this as an opportunity to hold banks to keeping more transparent customer information.

On the basis of the current laws for the financial markets, Austrian financial institutions, in particular banks and insurance companies, are required to establish suitable complaints management systems for customers. As part of its activities as a point of information for consumers, the FMA checks on a case-by-case basis whether the legal provisions are complied with, as well as how the processing of complaints in the supervised entities functions. This means that the first point of call for complaints by individuals is always the company in question, with the FMA following up primarily by checking whether complaint management systems function properly. Complaints about an entity supervised by the FMA may be submitted through the FMA website at https://www.fma.gv.at/beschwerde-und-ansprechpartner/beschwerden-ueber-beaufsichtigte-unternehmen-einbringen/ (in German only).

 

Journalists may address further enquiries to:

Mr. Tiemon Kiesenhofer, MBA
+43/(0)1/24959-6010
+43/(0)676/882 49 610