OFT consults on Money Transmission Services

The Isle of Man Office of Fair Trading has issued proposals to extend the remit of the Financial Services Ombudsman Scheme to include the category of Money Transmission Services. These include:

• operation of a bureau de change;
• any service or activity involving transmission of money or any representation of monetary value, by any means either directly or as an agent;
• provision of cheque cashing services.

The Financial Services Ombudsman Scheme is a free, independent dispute resolution service for individuals with an unresolved complaint against an Isle of Man financial firm such as a bank, insurance company or financial adviser.

The draft proposals for extension of the Scheme can be found on the OFT’s website at http://www.gov.im/oft.

Members of the public and businesses are invited to submit their comments on the draft proposals. The closing date for comments is 16th April 2010.