The Financial Services Ombudsman Scheme has published its annual report for the 2012/13 financial year on the Isle of Man Office of Fair Trading’s website www.gov.im/oft.
The Scheme, which was introduced in 2002, is a free, independent dispute resolution service accessible, subject to specific conditions, to individuals worldwide with an unresolved complaint against an Isle of Man supplier of financial services such as a bank, insurance company or financial adviser. It is a less formal alternative to court.
While the Financial Supervision Commission and the Insurance and Pensions Authority set and monitor certain standards expected of Isle of Man suppliers of financial services, the Scheme’s role is to resolve disputes between individuals and suppliers.
