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Channel Islands ombudsman open for business

Chris Hamblin, Editor, London, 23 November 2015

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The full powers of the Channel Islands Financial Ombudsman's office have come into effect.

The Financial Services Ombudsman (Jersey) Law 2014 and the Financial Services Ombudsman (Bailiwick of Guernsey) Law 2014 each provide for this trans-jurisdictional authority. Everything is run from a shared office in Jersey, with the same board, ombudsman and staff.

If a customer has a complaint, he should take it up with the relevant financial services provider first. If he is dissatisfied with the reply, he might be be able to refer his complaint to CIFO. The ombudsman is able to look at complaints from high-net-worth consumers and microenterprises (whether or not they are in the Channel Islands) and small Channel Islands charities, which themselves might be of interest to HNWs.

The event that gave rise to the complaint must have happened on or after 1 January 2010 (if the financial services were provided from Jersey) or 2 July 2013 (if the financial services were provided from Guernsey/Alderney/Sark). He should lodge (for some inexplicable reason, the ombudsman's website says 'bring') his complaint within 6 years of the event or (if it is later than that) within 2 years from the moment when he should have known that there was reason to complain.

If the complainant accepts the decision, it will become legally binding on both parties. The ombudsman can award compensation, payable by the financial services provider, up to a maximum limit of £150,000.

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