When you have a dispute with a bank, insurer, or financial advisor, it can have major consequences. Perhaps your compensation claim has been rejected, an insurance policy is not paying out, or you are dissatisfied with a financial product. In such cases, you can turn to Kifid (Financial Services Complaints Institute). This independent institute handles complaints from consumers and small business owners about financial service providers.

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

What is Kifid?

The Financial Services Complaints Institute (Kifid) is an independent organization that resolves disputes between consumers and financial institutions. Examples include:

• Banks

• Insurers

• Pension funds

• Mortgage lenders

• Financial advisors

Kifid provides an accessible 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 provided by your financial institution, for example in cases of:

• Rejection or delay of an insurance claim by your insurer

• Problems with the handling of a mortgage

• Unjustified or unclear fees charged by a bank

• Incorrect advice from a financial advisor

• Disputes about investment products

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

How do you file a complaint with Kifid?

The process consists of several steps:

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

2. Submitting to Kifid
   If you cannot resolve it together, you can submit your complaint via Kifid’s website. You attach all relevant documents, such as correspondence, policy terms and conditions, or contracts.

3. Handling by Kifid
   Kifid assesses whether your complaint is admissible and then initiates a procedure. Often a mediation phase comes first, after which the Disputes Committee can issue a decision.

4. Binding or non-binding decision
   If you choose a binding decision, both parties must abide by it. With a non-binding decision, you can still take the matter to court.

Advantages and limitations of Kifid

Advantages:

• Accessible and relatively fast

• No high legal costs

• Independent assessment

Limitations:

• Not all types of disputes are handled

• In the case of binding decisions, you can in principle no longer go to court

• Procedures can be complex, especially in cases 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:

• Legally substantiating your complaint

• Drafting a clear and complete complaint letter

• Collecting supporting documents

• Mounting a defense against the financial institution

• Assisting with follow-up proceedings in court

At Arslan Attorneys we have extensive experience with legal proceedings against banks and insurance companies. We ensure that your complaint is handled professionally and that your chances of success increase significantly.

Free legal assistance for damage claims

If 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.