Financial services

There are several bodies to file a complaint with regard to financial services . But often you don't know which agency to turn to. Now a solution has been found: the KIFID. Because financial services are not only important in economic life, but for a private individual.

KIFID complaints institute

From 1 April, you can contact the Financial Services Complaints Institute for all your complaints about financial services or products. There are twelve founders within the KIFID including:

  • The Federation of Mutual Insurance Companies, FOV,
  • The Dutch Banking Association, NVB,
  • Various organizations of intermediaries and authorized representatives, such as NVA, NBVA and NVGA,
  • The Contact Body for Mortgage Lenders, CHF,
  • The Association of Financing Companies in the Netherlands, VFN,
  • The Association of Mortgage Advisers in the Netherlands, VvHN
  • The Professional Association of Financial Planners, FFP, en
  • The Consumers' Association.

A financial counter

There is thus established a financial window to capture all your complaints about financial services. Below is a list of some well-known complaints institutes that are included in the KIFID:

  • The Banking and Mortgage Loans Disputes Committees. Only complaints previously notified and received before April 1, 2007 will be handled by these committees,
  • Stichting Klachteninstituut Verzekeringen, SKV,
  • The Dispute Committees for Consumer Affairs Foundation, SGC, and
  • The American Securities Institute, DSI

The KIFID is funded by the Ministry of Finance. The establishment of the KIFID not only meets the wishes of the consumer, but also those of the government, by bundling the complaints institutes into one counter. Until now, a consumer wishing to file a complaint about financial services had to go a long way to the right counter.

Binding advice?

From April 1, everyone involved in financial services, i.e. every bank, advisor, insurer and pension institute, must join KIFID. The advice of the KIFID in judging is binding. But there is still a way to escape the procedure of binding advice on financial services . Because a service provider affiliated with KIFID can choose not to submit to binding advice. In case of problems, he or she can possibly go to court. A service provider who does agree to the binding advice procedure also accepts the consequences of a decision. You can only contact the KIFID if the financial services were provided by a member of the KIFID. It is therefore best to check in advance whether the service provider is a member of the KIFID. Moreover, it is also important to know whether or not he submits to a binding advice.

KifiD method

The service provider must definitely be affiliated with the KIFID, otherwise you cannot file a complaint there. If so, the following procedure applies:

1. Step 1. First give the financial service provider a chance to resolve the complaint itself. If this does not work, step 2 follows.

2. Step 2. You will first go to the Financial Services Ombudsman via the KIFID. This body tries to reach a solution through mediation within eight weeks. The mediation is free of charge for the consumer who submits a complaint about financial services . If the mediation also does not offer a solution, then step 3 follows.

3. Step 3. The KIFID complaints committee. It is true that complaints that are already being dealt with by the court are no longer eligible. The complaint must be lodged within three months of the service provider's position being communicated. The complaint must be for a case in excess of $ 100. This involves a complaint fee of $ 50. If the service provider and the consumer have opted for a binding advice, the financial service provider must also comply with the advice within the specified period.

Key lock

It is not certain that setting up a counter will solve all problems in financial services. But at least now you don't have to search so long for the right counter.

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