During FY 2018-19, the SECP handled a total 5,417 complaints and 27, 847 queries. Of the total complaints, 4,982 were closed and prompt guidance was provided on all queries. The pendency ratio is 1 percent only. To address these complaints and queries swiftly and satisfactorily, the SECP has skilled and trained human resource and developed a state of the art and digitally integrated service desk management system (SDMS). Further, an easy to use mobile application has also deployed for facilitating the public.
The SECP disposed of 555 complaints of aggrieved policyholders against the insurers, whereby the insurers paid an aggregate compensation of Rs 94.883 million to the policyholders on account of settlement of their grievances. During the year under review, the SECP forwarded 169 complaints of policyholders to the Small Disputes Resolution Committees (SDRCs) for provision of speedy and inexpensive relief through amicable resolution. Further, in 277 cases of policyholders' complaints where amount in dispute exceeded the pecuniary limits of SDRCs, the cases were referred to the Federal Insurance Ombudsman for redressal of grievances, SECP added.