The Reserve Bank of Fiji (RBF) has reported a noticeable surge in financial consumer complaints during the second quarter of 2025, as outlined in its latest Complaints Management Bulletin. Licensed Financial Institutions (LFIs) received 1,657 complaints, reflecting a substantial 127.9% increase from the previous quarter and an 8.2% uptick compared to the same timeframe last year. The majority of these complaints were efficiently resolved at the institutional level, with the RBF directly evaluating 11 complaints, predominantly involving banks.
The banking sector alone recorded 1,546 complaints, representing 93.5% of all financial sector grievances. The increase in complaints has been largely attributed to system failures, delays in customer service, and issues related to electronic banking. The RBF has expressed significant concern over persistent system outages and inadequate service delivery, urging banks to streamline their response processes and minimize the use of technical jargon that may confuse customers.
In the insurance sector, the number of complaints decreased by 8.2% compared to the previous quarter but saw a dramatic 86.7% year-over-year increase, driven mainly by escalating premium charges and denied motor vehicle claims. Credit institutions, on the other hand, experienced 31 complaints, with fewer than half successfully resolved. Lending-related complaints skyrocketed by 250%, often linked to delays in loan processing and ambiguous procedural guidelines.
These persistent issues highlight ongoing systemic challenges within Fiji’s financial services landscape, echoing the concerns that the Consumer Council of Fiji has voiced over time. Historically, obstacles such as delays in vehicle insurance processing and cumbersome documentation requirements have been prevalent. The Consumer Council has consistently advocated for enhanced transparency and consumer education within these sectors, seeking reforms to improve service quality and bolster consumer confidence.
The pronounced rise in complaints underscores an urgent need for both regulatory bodies and financial institutions to continuously strive for improved service quality and dependability. By addressing these challenges, Fiji’s financial industry holds the potential to boost consumer satisfaction and trust, fostering a more stable and efficient financial environment.