OFT appeals to public for changes to Ombudsman Scheme

Fri, 01 Aug 2014

The Office of Fair Trading is considering making changes to the Financial Services Ombudsman Scheme and wants to hear from the public.

It's because it believes there are loopholes in how it provides customer protection.

The scheme is a free, independent, dispute resolution service for customers with complaints against a financial service provider operating in, or from, the Isle of Man.

The OFT has identified two areas - self invested pension schemes and insurance intermediaries - where it believes customers may be at risk.

Under the Financial Services Act the OFT is proposing to use its powers to extend the scope before making a decision on whether or not to put amendments to legislation.