Isle of Man Financial Services Ombudsman Scheme - Annual Report 2008/09
The Financial Services Ombudsman Scheme has today published its annual review for the 2008/09 financial year on the Isle of Man Office of Fair Trading website www.gov.im/oft.
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.
In a busy year for case workers the review shows that there were 710 new cases, a 61% increase on the previous year. The report notes the rise in the numbers of complaints against all but one type of provider falling within the remit of the Scheme which could be a reflection of the turmoil felt in the financial markets over the past year.
Bill Henderson MHK, Chairman of the Office of Fair Trading, said “The Financial Services Ombudsman Scheme gives individuals, wherever they reside, an informal and cost-effective way in which to resolve disputes with Island-based financial services providers. It is the only such scheme currently operating in the British offshore islands confirming the Isle of Man’s position as a centre of excellence within the global finance industry.”
The Financial Services Ombudsman Scheme, established under Schedule 4 of the Financial Services Act 2008, is a free, independent dispute resolution service for individuals with an unresolved complaint against an Isle of Man financial service provider such as a bank, insurance company or financial adviser. While 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.