The Financial Services Ombudsman Scheme has published its annual review for the 2013/14 financial year on the Isle of Man Office of Fair Trading website.
The Scheme, which was introduced in 2002, is a free and independent dispute resolution service for people with an unresolved complaint against an Isle of Man financial service provider, such as a bank, insurance company or financial adviser.
Whilst the Financial Supervision Commission and the Insurance and Pensions Authority set and monitor certain standards expected of suppliers of financial services, the Scheme’s role is to resolve individual disputes between customer and supplier.
The Scheme gives customers worldwide a free, independent and less-formal method of resolving disputes with Isle of Man financial services providers. The Scheme is an accessible alternative to going to court if the complainant has been unable to resolve the matter directly with the company.
