Complaints about banks rose in the third quarter, but fell for investment firms, according to statistics released Friday by the Ombudsman for Banking Services and Investments.

OBSI opened 103 new banking complaint files in the third quarter, up from 93 in the previous quarter, and 80 in the third quarter last year.

However, investment complaints were down significantly over the same period. OBSI opened 109 files on the investment side, down from 144 in the second quarter, and 171 in the third quarter of 2009.

Overall, the 212 files opened in the quarter represents an 11% decrease from the previous quarter and a year-over-year decrease of 16%.

Total inquiries to the Ombudservice also dropped significantly year over year, falling almost 40% from the third quarter of 2009 (and down 11% from the second quarter of 2010).

OBSI also reports that it closed 230 case files in the third quarter of this year, a decrease of 11% from the second quarter, but a year-over-year increase of 33%. Of those, 59% were closed within 180 days, up from 51% in the previous quarter.

In 24% of the files it closed OBSI recommended compensation or facilitated a settlement, totalling $613,009. The vast majority of that came on the investment side, $547,294 worth, with an average of $14,792 and median of $6,800. Investment complaints are also upheld more frequently, with 31% of investment case files ending with a recommendation for compensation or facilitated settlement, compared with just 17% of banking complaints.

IE