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The role of ombudsman: Resolving financial disputes in Malaysia

Conflict Resolution Quarterly, 2022
AbstractThe paper highlights the establishment of the Ombudsman for Financial Services (OFS) in Malaysia as a good alternative avenue for the equitable settlement of disputes regarding financial services. It has been operating since 2016. However, its accessibility to reach wider financial consumers is restricted due to its limited monetary ...
Muhamad Ikhwan Mohd Zain   +2 more
exaly   +2 more sources

Reforming the Role of the Financial Services Ombudsman

Liverpool Law Review, 2020
Although the recent reforms are highly beneficial for consumers, the ombudsman service has received little attention. The formal process of adjudication has been explored in much detail, but there are still gaps remain in understanding of models of informal justice systems in Europe. This is particularly relevant to the ombudsman services.
exaly   +2 more sources

Ombudsman schemes in the United Kingdom's financial sector: The insurance ombudsman, the banking ombudsman, and the building societies ombudsman

Journal of Consumer Policy, 1994
The problems facing consumers in pursuing complaints against suppliers through the courts are well known and have given rise to the development of alternative strategies. This paper considers the development and use of one such strategy — the ombudsman — in dealing with the complaints of consumers against insurers, banks and building societies.
Philip Rawlings, Chris Willett
exaly   +2 more sources

Financial Ombudsman's statutory powers

Journal of Financial Regulation and Compliance, 2007
Purpose This paper aims to report and comment on a successful High Court challenge by financial advisory firms via the financial Ombudsman. Design/methodology/approach The paper's approach is to outline the facts and explain the decision.
Joanna Gray
exaly   +2 more sources

The Financial Ombudsman Service: not just an alternative to court

Journal of Financial Regulation and Compliance, 2007
PurposeThe Financial Ombudsman Service is a statutory body offering a dispute resolution service to consumers and firms. The purpose of this paper is to outline the service as an alternative to the civil courts.Design/methodology/approachThe paper compares the style, objectives and operation of the service with those of civil court proceedings ...
exaly   +2 more sources

A comparative analysis of the financial ombudsman systems in the UK and Japan

Journal of Banking Regulation, 2004
The range of financial products available to the consumer comes in various shapes and sizes and can be a daunting experience for any financial consumer. To address this and any ensuing complaints, frameworks for redress have been set up in many countries.
exaly   +2 more sources

Consumer dispute resolution in the UK financial sector: the experience of the Financial Ombudsman Service

Law and Financial Markets Review, 2007
This article analyses the operation of the Financial Ombudsman Service (FOS) in the UK, focusing on decision- making and the implications for consumers and authorised firms.
Iain Macneil
exaly   +2 more sources

THE INSURANCE OMBUDSMAN BUREAU AND FINANCIAL SERVICES DISPUTES — AN OBITUARY?

Journal of Financial Regulation and Compliance, 1994
This paper examines what the financial services industry expects from the Insurance Ombudsman Bureau. It measures the IOB's success in meeting these expectations against the yardsticks of public confidence and cost‐effectiveness. In the light of Lord Ackner's recently accepted recommendation that the IOB be replaced by a new Ombudsman scheme, this ...
exaly   +2 more sources

Ombudsman schemes for financial services in the U.K.: a consumer view

International Journal of Consumer Studies, 1991
The ombudsman schemes that have been set up in the financial services sector in the U. K. are intended to meet the needs of consumers for rapid, effective and cheap redress. This paper examines the extent to which these schemes have fulfilled their objectives and draws up a balance sheet from the consumer viewpoint.
exaly   +2 more sources

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