|Department||Department for the Economy|
|Type of consultation||Other|
|Deadline for comments||08/05/2014|
About the consultation
The draft Financial Services Ombudsman (Jersey) Law 201- has been lodged and is set to be debated in the States Assembly on 1 April 2014.
It establishes an ombudsman with powers to investigate and determine individual customer complaints regarding financial services provided in Jersey.
This consultation relates to two separate pieces of secondary legislation that relate to defining further the scope of what can be referred to the Office of the Financial Services Ombudsman (OFSO).
If the draft legislation is adopted by the States Assembly and sanctioned by the Privy Council, the Minister of Economic Development will consult on an order to exempt certain financial services from the scope of the Ombudsman.
This consultation seeks views on the proposed scope of financial services covered by the ombudsman and the areas exempted in the draft order, as well as a proposed further category of complainants specified in a draft order.
Under the draft law, individuals and small businesses are eligible to refer a complaint to the ombudsman and other categories as specified by order.
Download the draft financial services ombudsman secondary legalisation consultation paper (size 587kb)
Download the Financial Services Ombudsman (Exempt Business) (Jersey) Order 201- (size 195kb)
Download the Financial Services Ombudsman (Eligible Complainants) (Jersey) Order 201- (size 93kb)
Who should respond
We would like to hear from:
- financial services providers
- small businesses
- charities, trusts and foundations or groups representing any of these
What we would like to know
We would like to know if you think:
- that the draft orders are appropriate for a joint Channel Islands Financial Services Ombudsman
- there are any areas of financial services or particular activities that would fall outside the descriptions in Article 2(2) of the Exempt Business order that you consider should come within the scope of the ombudsman
How to submit comments to the consultation
This consultation is now closed.
You can find out more about the Financial Services Ombudsman using the link below.
Complaining about a financial service (Financial Services Ombudsman)
Publishing consultation responses
Responses may be made public through the following means:
- sent to other interested parties on request
- sent to the Scrutiny Office
- quoted in a published report
- reported in the media
- published on gov.je
- listed on a consultation summary
You need to tell us if you:
- agree that your comments may be made public and attributed to you
- agree that your comments may be made public but not attributed, eg anonymous
- don't want your comments made public
Responses to the consultation
There was outright or majority agreement with all of the consultation questions other than question three regarding the coverage of the funds sector.
For this question, the same number of respondents agreed with the proposed scope as disagreed.
Since the consultation, there has been further discussion with Community Savings and communication with the Financial Services Commission on issues raised.
The minister is not inclined to make any changes to revise the order, so the draft order is materially unchanged.
Regarding the funds scope, the minister remains of the opinion that the scope in Jersey should be as similar as possible to that in Guernsey, so in the short-term the scope will remain as previously proposed.
However, the area will be monitored particularly to consider if the issues raised can be addressed in tandem with other developments, such as through the current review of the funds regime in Jersey.
A follow-up consultation was launched on 1 September 2014.
Financial Services Ombudsman (Exempt Business) (Jersey) Order 201- consultation