Ombud Schemes

According to the Financial Sector Regulation Act, to achieve its objective, the Ombud Council must:

1. Recognise industry ombud schemes;
2. Promote co-operation between, and co-ordination of, the activities of ombuds schemes;
3. Strive to protect the independence and impartiality of ombuds schemes;
4. Promote public awareness of ombuds and ombud schemes and the services they provide;
5. Take steps to facilitate access by financial customers to appropriate ombuds schemes;
6. Publicise ombud schemes, including publicising the kinds of complaints that different ombud schemes deal with;
7. Resolve overlaps of the jurisdictional coverage of different ombud schemes;
8. Monitor the performance of ombud schemes, including the extent to which they comply with the requirements of the Chapter and specific financial sector laws.