Financial Services Ombudsman – Report

14 June 2006

The potential benefits and likely costs of a Financial Services Ombudsman for Jersey are examined in a report lodged today, 5 June, 2006 by Senator Philip Ozouf, the Minister for Economic Development.

Issuing the report, the Minister commented, “People spend a lot of money on financial services such as mortgages, pensions and life insurance. At the moment there is no where for Jersey people to have access to a quick, accessible and cost-effective method of dispute resolution. An Ombudsman Scheme may be a way of addressing these needs.”

The possibility of introducing a Financial Services Ombudsman is something that has been under consideration for a number of years. The report sets out the purpose that an Ombudsman would serve and explores:

• The manner in which an Ombudsman Scheme could be structured.
• The experiences of other jurisdictions that have implemented such schemes.
• The likely costs of the scheme and alternative options that the States might wish to consider.

The Minister wishes to emphasise that such a scheme will require annual funding and that it is imperative, before any decision is made, the States be satisfied that there is a need to be addressed and that an Ombudsman Scheme will be the most cost-effective solution.

Ends

For more information please contact: Senator Philip Ozouf. Minister Economic Development. Tel: 07797 713838

The report will be available on the States of Jersey Website: www.gov.je