It is important that consumers have an inexpensive and swift way to resolve disputes with sellers outside the courts. The Consumers’ Association of Iceland and Finance Iceland (SFF) established a joint entity at the beginning of 2022 to oversee the operation of two dispute resolution committees: The Complaints Committee of Transactions with Financial Firms and The Insurance Complaints Committee.

These committees had already been operating for many years with the purpose of resolving disputes between consumers and sellers concerning most types of contracts relating to financial services and insurance matters.

For a long period, the committees were hosted by the Financial Supervisory Authority, but as of January 2022 their hosting was transferred to the newly established entity.