The Financial Services Ombudsman Scheme for the Isle of Man came into operation on the 1 January 200...
The Financial Services Ombudsman Scheme for the Isle of Man came into operation on the 1 January 2002 as an independent body that has been set up to deal with complaints against an Isle of Man financial firm.
Operating out of the Isle of Man Office of Fair Trading, the scheme will, at a first stage, offer mediation and conciliation.
If the complaints are unsolved, then the Ombudsman will come into play and if the complaints are upheld by the Ombudsman, the complainant could receive up to £100,000 in compensation.
The Ombudsmen is also empowered to instruct the firm to take steps to put the matter right.
Complaints will be considered relating to events occurring on or after 20 April 1999. The new scheme complements the existing Pension Ombudsman for the Isle of Man as the Pension Ombudsman is already able to consider complaints about the running of occupational and personal pensions.
Meanwhile, while the Financial Services Ombudsman will cover complaints about banking, credit, investments, insurance, and financial advice, including advice on pensions.
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