Financial Services Ombudsman Scheme

Department	Department for the Economy
Start date	31/01/2011
End date	15/04/2011
Type of consultation	Other
Deadline for comments	15/04/2011
Responses publish date	30/08/2011

About the consultation

The States of Jersey are committed to introducing an ombudsman scheme for financial services offered in Jersey. The States of Guernsey is also consulting on introducing an ombudsman scheme and it is proposed that a joint ombudsman service is set up to cover both islands. As Guernsey is conducting its own consultation exercise, the majority of this consultation document concentrates on Jersey.

The purpose of the proposed scheme is to provide an independent dispute resolution service to settle complaints between consumers and businesses providing financial services in Jersey. The scheme will determine complaints based on what is fair and reasonable in the circumstances and can make awards to make good financial loss incurred by a customer. The service will be free to the complainant and will be financed by financial services providers that are covered by the scope of the scheme.

Download the consultation paper on the financial services ombudsman scheme (size 150kb)

Further information

You can find out more about the Financial Services Ombudsman using the link below.

Complaining about a financial service (Financial Services Ombudsman)

How to submit comments to the consultation

Comments were invited from the finance industry about the proposed structure and funding of the financial ombudsman scheme to ensure it best meets the needs of customers and Jersey’s financial services industry. This is an industry only consultation.

Responses to the consultation