When you have a conflict with a bank, insurer or financial advisor, this can have major consequences. Perhaps your compensation has been denied, insurance is not paid or you are dissatisfied with a financial product. In such cases, you can turn to Kifid (Complaints Institute Financial Services). This independent institute handles complaints from consumers and small entrepreneurs about financial service providers.

In this article we explain what Kifid is, how you can file a complaint and what the role of a lawyer can be in this.

What is Kifid?

The Complaints Institute Financial Services (Kifid) is an independent organization that settles disputes between consumers and financial institutions. Think of:

• Banks

• Insurers

• Pension funds

• Mortgage providers

• Financial advisors

Kifid offers a low-threshold way to resolve complaints without having to go directly to court.

When can you contact Kifid?

You can contact Kifid if you are dissatisfied with the service of your financial institution, for example:

• Rejection or delay of a claim with your insurer

• Problems with settling a mortgage

• Unfair or unclear costs charged by a bank

• Wrong advice by a financial advisor

• Disputes about investment products

It is important that you first file your complaint with the financial institution itself. Only if you are not satisfied there, can you submit your complaint to Kifid.

How do you file a complaint with Kifid?

The process proceeds in several steps:

1. Filing a complaint with the financial service provider
   You must give the institution the opportunity in writing to resolve your complaint within a reasonable period.

2. Submit to Kifid
   If you cannot agree, you can submit your complaint via the Kifid website. You attach all relevant documents, such as correspondence, policy conditions or contracts.

3. Handling by Kifid
   Kifid assesses whether your complaint is admissible and then starts a process. A mediation phase often follows first, then the disputes committee can make a decision.

4. Binding or non-binding decision
   If you opt for a binding decision, both parties must comply with this. With a non-binding decision, you can still go to court.

Advantages and limitations of Kifid

Advantages:

• Accessible and relatively fast

• No high litigation costs

• Independent assessment

Limitations:

• Not all types of disputes are handled

• In principle, you can no longer go to court with binding decisions

• Procedures can be complex, especially in case of extensive damage

Role of a lawyer in Kifid procedures

Although you can file a complaint yourself, it is often wise to engage a lawyer. Financial institutions have legal experts who will thoroughly contest your complaint. A lawyer can help you with:

• The legal substantiation of your complaint

• The drafting of a clear and complete letter of complaint

• Collecting evidence

• Diversion against the financial institution

• Guidance of a subsequent procedure at the court

At Arslan Lawyers we have extensive experience with procedures against banks and insurers. We ensure that your complaint is professionally handled and that your chances of success increase significantly.

Free legal aid in damage cases

When your complaint concerns, for example, a rejected personal injury or disability benefit, our costs can often be recovered from the liable party. This means that in many cases you can use our legal services free of charge.