Isle of Man Financial Services Ombudsman Scheme
The Isle of Man Financial Services Ombudsman Scheme is 10 years old.
Launched in 2002 the Financial Services Ombudsman Scheme has played a vital part in protecting the Island’s reputation as a well regulated and successful offshore finance centre.
The Scheme 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. If an individual’s claim is upheld the financial service provider can be ordered to take the necessary steps to put them in the situation they should have been in, had the supplier acted correctly. This can take the form of a monetary award up to a maximum limit or other action by the supplier.
The Anniversary coincides with an increase in the Scheme’s maximum award limit from £100,000 to £150,000. The new limit applies where an act or omission which gives rise to a complaint occurs on or after 1st April 2012 and ensures the real terms value of the award compared to its 2002 level as well as maintaining parity with the limit under the United Kingdom’s Financial Ombudsman Scheme.
Chief Officer Mike Ball commented:- “The Scheme has proved a valuable protection to consumers both on the Island and internationally as well as boosting the Island’s reputation across the world”.