Isle Of Man Publishes Ombudsman Report

by Jason Gorringe, Tax-News.com, London

27 September 2010

The Isle of Man government has announced the publication of the Financial Services Ombudsman Scheme’s annual review for the 2009/10 financial year.

The Scheme gives customers worldwide a free, independent and less formal method of resolving disputes with Isle of Man financial services providers. The Scheme is an accessible alternative to going to court if the complainant has been unable to resolve the matter directly with the company.

Bill Henderson, Chairman of the Office of Fair Trading, said: “The Financial Services Ombudsman Scheme gives individuals, wherever they reside, an informal and cost-effective way in which to resolve disputes with island-based financial services providers. It is the only such scheme currently operating in the British offshore islands confirming the Isle of Man’s position as a centre of excellence within the global finance industry.”

According to the report, the number of completed complaint forms received remained steady year on year but there was a noticeable decrease in the number of enquiries made to the Scheme in 2009/10.

Overall the Ombudsman handled 601 initial enquiries and complaints from consumers in 2009/10, more than 100 fewer than the 710 it handled last year.

"Such decrease in enquiries would appear to be a reflection of the general improvements in market sentiment and clients regaining some confidence in the stability of the financial providers and their ability to withstand further market turmoil," the report stated.

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