Delays make up most Channel Islands finance complaints
The report said it closed 141 complaints during the quarter and more than half (56%) were resolved through mediation or formal ombudsman decisions. However, 35% were outside the ombudsman's legal remit, and a small number were either withdrawn or settled early.Of the 78 complaints that were mediated or determined, 35% were upheld in full or in part in favour of the complainant, while 65% were resolved in favour of the financial service provider.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
2 hours ago
- Finextra
Raast and Pakistan's Digital Economy: How Instant Payments Are Reshaping the Nation's Financial Futu: By Muhammad Qasim
Pakistan's financial sector is in the middle of a transformation — one that is changing how money moves, how businesses operate, and how people interact with the economy. At the heart of this transformation is Raast, the State Bank of Pakistan's (SBP) instant, low-cost, and secure digital payment system. Launched with the goal of improving financial inclusion and reducing reliance on cash, Raast is not just a payment method; it's a game-changer for the country's digital economy. From street vendors to freelancers, from small retail shops to large corporations, and from government institutions to ordinary citizens — Raast is making transactions faster, cheaper, and more transparent. In this article, we'll explore what Raast is, how it works, its adoption trends, the explosive growth in transaction volumes, and how it is reshaping Pakistan's digital economy. What is Raast? Raast — meaning 'direct' or 'straight path' in Urdu — is Pakistan's first real-time payment system designed to provide instant, low-cost, and secure money transfers between individuals, businesses, and government entities. Unlike traditional bank transfers that can take hours (or even days), Raast processes payments in seconds, 24/7, across all participating banks and digital wallets. Key Features of Raast Instant transfers — Payments clear in real time, any time of day. Low or zero fees — Most banks offer Raast transfers free of charge. Mobile number–based transfers — Send and receive money without sharing long account numbers. Secure SBP infrastructure — Fully regulated and backed by the central bank. Supports bulk payments — Ideal for salaries, pensions, and government subsidies. Raast's Role in Pakistan's Digital Transformation Before Raast, Pakistan's payment systems were fragmented, with slow transfers and limited interoperability between banks. Digital transactions existed, but they were often expensive, unreliable, and inaccessible to rural populations. Raast has bridged this gap by: Encouraging cashless transactions — Reducing reliance on physical currency. Boosting financial inclusion — Extending access to millions without prior exposure to banking. Connecting e-commerce and gig economy platforms — Supporting instant settlements for small sellers and freelancers. Facilitating transparent government payments — Reducing corruption and leakage in welfare programs. Transaction Volumes: The Scale of Raast's Impact The success of Raast can be measured not only in adoption rates but also in the massive transaction volumes it processes. Latest Transaction Data According to the SBP's Q3 FY 2024–25 payment system statistics: Raast processed 371 million transactions worth PKR 8.5 trillion in just one quarter. Since launch, it has handled 1.5 billion transactions with a cumulative value exceeding PKR 34 trillion . Digital channels now account for 89% of all retail transactions by volume in Pakistan. Mobile banking, branchless wallets, and e-money accounts processed 1.686 billion transactions worth PKR 27 trillion in the same quarter. This exponential growth shows how deeply Raast is embedding itself into Pakistan's financial DNA. How Raast is Reshaping the Digital Economy 1. Fueling Financial Inclusion Raast has given millions of Pakistanis access to formal banking for the first time. Rural populations can now send and receive money instantly using just a phone. Microfinance institutions integrate with Raast, expanding their reach. Women and marginalized groups can transact without visiting physical bank branches. 2. Boosting Small Businesses and E-Commerce The e-commerce industry in Pakistan has grown rapidly, but one challenge was slow and expensive payment settlements. Raast changes this by: Allowing instant settlements for online vendors. Reducing the need for cash-on-delivery (COD), which previously accounted for 60–70% of e-commerce payments. Helping micro-merchants avoid costly point-of-sale infrastructure. 3. Empowering Freelancers and the Gig Economy Pakistan is among the top countries for freelance work, with millions earning online. Raast supports these workers by: Providing quick local payment settlements. Reducing transfer costs from local platforms. Enabling platforms to pay thousands of workers simultaneously. 4. Streamlining Government Payments Government agencies and welfare programs use Raast for: Ehsaas program payouts Salary and pension disbursements Subsidy transfers for fuel, food, and utilities By moving these payments to Raast, the government improves speed, reduces leakages, and increases transparency. 5. Reducing Cash Dependency Pakistan's economy has long relied heavily on cash. This creates problems like tax evasion, corruption, and inefficiency. Raast's growing popularity is a direct blow to cash dominance by: Offering a free, fast alternative to cash. Making digital transactions accessible even for low-income groups. Creating a financial trail that strengthens the formal economy. Case Studies: Real-World Impact of Raast Case 1: A Street Vendor in Lahore A chai seller who previously accepted only cash now uses Raast to receive payments directly to his bank account via mobile number. Customers can pay instantly, and he no longer worries about carrying large amounts of cash at night. Case 2: A Karachi-Based E-Commerce Store Before Raast, the store owner relied on COD, which caused delays and cancellations. After integrating Raast payments, settlements are instant, returns are lower, and customer trust has improved. Case 3: Government Subsidy Disbursement A small farmer in Sindh receives fertilizer subsidies via Raast directly into his account, cutting out middlemen and ensuring he gets the full amount. Challenges to Raast's Full Potential While Raast has made great strides, some hurdles remain: Digital Literacy Gaps — Many rural and older populations still need education on how to use Raast safely. Internet & Mobile Coverage — Remote areas lack consistent access to reliable mobile data. Cybersecurity Concerns — As transactions grow, so does the risk of fraud and phishing scams. Resistance to Change — Some people still prefer cash due to habit or distrust in banking. The Road Ahead: Future of Raast and Digital Payments in Pakistan The SBP has ambitious plans to expand Raast's scope: Merchant Payments — Making Raast the default payment method for retail transactions. Cross-Border Transfers — Enabling remittances through Raast in collaboration with global payment systems. QR Code Integration — Allowing small shops to accept payments simply by displaying a QR code. Open API Ecosystem — Encouraging fintech startups to build innovative apps using Raast's infrastructure. If these expansions succeed, Pakistan could see cashless transactions become the norm within a decade, dramatically increasing economic transparency and efficiency. Conclusion Raast is more than just a payment method — it's a pillar of Pakistan's digital transformation. By enabling instant, low-cost, and secure payments, it is helping formalize the economy, support small businesses, empower freelancers, and improve government efficiency. The transaction volume growth — from zero to over 1.5 billion transactions worth PKR 34 trillion in just a few years — is proof of its adoption and potential. With the right infrastructure, education, and security measures, Raast could lead Pakistan into a future where digital finance is not the exception but the default.
Reuters
2 hours ago
- Reuters
Activist 7Square pushes Germany's Nuernberger to consider rival offers
FRANKFURT, Aug 12 (Reuters) - Nuernberger Beteiligungs AG ( opens new tab should consider rival takeover offers, activist investor 7Square wrote in a letter to the German insurer's board on Tuesday, stating that a potential bid by Vienna Insurance Group ( opens new tab undervalues the business. The life-insurance, property and casualty insurance divisions of Nuernberger have underperformed for years, 7Square, which holds an unspecified stake in Nuernberger, wrote in the letter seen by Reuters. Yet the group could be worth as much as 1.6 billion euros ($1.87 billion), it said. Bloomberg reported on the letter earlier on Tuesday. Nuernberger did not immediately reply to requests for comment on 7Square's letter. Vienna Insurance Group declined to comment. Shares of Nuernberger fell 0.7% in Frankfurt on Tuesday, giving it a market value of 700 million euros. Vienna Insurance Group announced last week it was in exclusive due diligence for a potential takeover of a controlling stake in the German company, without specifying a possible price. Nuernberger should end discussions with VIG and start a new sales process to explore strategic options, 7Square wrote in the letter. A sale to the Viennese company would be "extremely disadvantageous and value-destroying for shareholders," it added. Nuernberger's investors include Munich Re ( opens new tab, Hannover Re ( opens new tab, Swiss Re (SRENH.S), opens new tab and Japan's T&D Holdings (8795.T), opens new tab. "We have concrete knowledge of the interest of several strategic investors, who would be interested in acquiring the life-insurance division or the entire Nuernberger Group," 7Square wrote in the letter. 7Square is also calling on Nuernberger to lift transfer restrictions on its shares, which requires the management board to approve significant stock transactions. As Nuernberger shares are listed on Frankfurt's over-the-counter 'Scale' segment, an acquirer of a majority stake would not be required to make a mandatory offer for the remaining shares, which 7Square said would permanently reduce the value for all shareholders. 7Square advises hedge funds and activist shareholders on publicly listed German companies, occasionally investing itself. ($1 = 0.8570 euros)
The Sun
3 hours ago
- The Sun
UK hotspots for rogue traders revealed – how bad is your area?
THE worst hotspots for rogue tradespeople have been revealed, as thousands of households have been left with shoddy work done. A total of 9,703 reports of suspected rogue trader work were recorded last year, consumer charity Electrical Safety First found. 4 4 4 The highest number of reports was for roofing work, with more than 2,000 people filing complaints. Reports were also linked to: General building works (1,018) Plumbing work (881) Electrical work (655) Carpentry work (633) Other types of jobs reported included work on driveways, bathrooms and windows. The data, gathered through a Freedom of Information request, also revealed Greater London as the worst hotspot in the country. It had 2,462 reports of suspected rogue tradespeople last year. Yorkshire and Humber followed closely behind with 2,341 reports. East Anglia and the East Midlands were next with 934 and 793 reports respectively. The West Midlands had the lowest number of reports at just 108. The areas with the most suspected rogue trader reports Greater London - 2,462 Yorkshire and Humber - 2,431 East Anglia - 934 East Midlands - 793 North West - 722 Northern Ireland - 695 Scotland - 438 North East - 364 Wales - 287 South West - 271 South East - 198 West Midlands - 108 Households are being warned rogue traders can leave them at serious risk. Richard Harvey, electrical installation safety expert for Electrical Safety First, said: "With so many reports of suspected rogue trade activity, there's a real chance of dangerous work being carried out in homes that leaves victims picking up the pieces, or worse, at serious risk of harm. "People are still feeling the squeeze from the cost-of-living crisis, and rogue traders will exploit this, perhaps offering to do the work in an unrealistic time frame or at a cheaper price." HMRC Spying on Social Media, M&S Giving Away Free Cakes, & Unemployment at Four-Year-High – Money News Today He warned electrical work can be the most dangerous as shoddy electrics leave you at risk of fire, burns and electrocution. Plus, having poor work done can leave you thousands of pounds out of pocket as it can cause further issues and you'll need to get it fixed. Last year, a rogue trader from Cornwall was sentenced after he left customers £90,000 out of pocket. In one case, he removed load-bearing walls without adequate support for the roof and left electrics in a dangerous state. Another rogue trader from Swindon was sentenced after it was found he carried out dangerous electrical work which was not compliant with building regulations. He'd also issued houseowners with an electrical installation certificate for the electrical work claiming it had been signed off by an electrician who had not visited the property. Red flags to watch out for You can avoid getting caught out by a rogue trader by looking out for these signs… They're available immediately Builders and tradespeople are in demand, so be wary of anyone who can start work straight away. Of course, there might be legitimate reason for this - perhaps they had another job fall through - but it's worth asking some questions. Read the reviews on websites like Checkatrade or on Google Reviews and make sure the person is vetted and qualified to carry out the work. They're VERY cheap If one tradesperson comes in with a quote that's significantly cheaper than all the others, you should be wary. This might be because the work is done in a rush and corners will be cut. Remember, cheap work can't always be rectified and you may pay out more in the long-term to repair the damage. When getting any work done, get a few quotes to give you an idea of the sort of price you can expect to pay. Online cost guides can also help to provide an overview of the amount that various types of work might typically cost. They're asking you to pay upfront A tradesperson should never ask you to pay the full amount upfront. You'll usually pay in instalments, keeping the final chunk of money until the work has been completed and you have confirmed that you are satisfied. You should get a detailed written quote that includes T&Cs and states exactly what is and isn't covered, as well as a receipt for every payment you make. Pay using a secure method rather than handing over cash. They've knocked on the front door While it's not unusual to get a leaflet through the door advertising work, you should never feel pressured into committing to any works by someone who has turned up uninvited on your doorstep. Experts say a reputable tradesperson would never canvas work by knocking on doors - they'll be so in demand they don't need to. Instead, a better way to find a decent tradesperson is through recommendations from friends, family and colleagues.
