Financial Services Ombudsman Scheme

Department	Department for the Economy
Start date	31/01/2011
End date	15/04/2011
Type of consultation	Other
Deadline for comments	15/04/2011
Responses publish date	30/08/2011

About the consultation

​The States of Jersey are committed to introducing an ombudsman scheme for financial services offered in Jersey. The States of Guernsey is also consulting on introducing an ombudsman scheme and it is proposed that a joint ombudsman service is set up to cover both islands. As Guernsey is conducting its own consultation exercise, the majority of this consultation document concentrates on Jersey.

The purpose of the proposed scheme is to provide an independent dispute resolution service to settle complaints between consumers and businesses providing financial services in Jersey. The scheme will determine complaints based on what is fair and reasonable in the circumstances and can make awards to make good financial loss incurred by a customer. The service will be free to the complainant and will be financed by financial services providers that are covered by the scope of the scheme.

Download the consultation​​ paper on the financial services ombudsman scheme (size 150kb)​​​

Further information

You can find out more about the Financial Services Ombudsman using the link below.

Complaining about a financial service (Financial Services Ombudsman)

How to submit comments to the consultation

Comments were invited from the finance industry about the proposed structure and funding of the financial ombudsman scheme to ensure it best meets the needs of customers and Jersey’s financial services industry. This is an industry only consultation.

Responses to the consultation

Download Summary of Industry Consultation responses (size 131kb)
Download Barclays Wealth Consultation response (size 325kb)
Download Basel Trust Group Consultation response (size 50kb)
Download Bedell Group Consultation response (size 395kb)
Download CAPCO Trust Jersey Limited Consultation response (size 114kb)
Download Citi Private Bank Consultation response (size 52kb)
Download Clive Tomes & Co and Equinox Trustees Limited Consultation response (size 87kb)
Download Consacc Accounting & Tax Services Consultation response (size 61kb)
Download Fairburn Private Bank Limited Consultation response (size 121kb)
Download Fairburn Trust Limited Consultation response (size 165kb)
Download Fiduciary Management Ltd (FML) Consultation response (size 980kb)
Download Heritage Insurance Limited Consultation response (size 55kb)
Download Hill Street Chambers Consultation response (size 39kb)
Download Homebuyer Financial Services Ltd & Channel Island Retirement Solutions Consultation response (size 87kb)
Download HSBC (consolidated response) Consultation response (size 267kb)
Download Islands Insurance Consultation response (size 42kb)
Download Jersey Association of Trust Companies Consultation response (size 168kb)
Download Jersey Chamber of Commerce Consultation response (size 658kb)
Download Jersey Citizens Advice Bureau Consultation response (size 36kb)
Download Jersey Finance Limited Consultation response (size 180kb)
Download Jersey Funds Association Consultation response (size 274kb)
Download Jersey Law Society Consultation response (size 216kb)
Download Jersey Financial Services Commission response (size 817kb)
Download Jersey Society of Chartered and Certified Accountants response (size 85kb)
Download Pentera Trust Company Limited response (size 37kb)
Download Philean Trust Company Limited Consultation response (size 156kb)
Download R&H Trust Company (Jersey) Limited Consultation response (size 302kb)
Download RBS International Consultation response (size 127kb)
Download Societe Generale Private Banking Consultation response (size 100kb)
Download Standard Chartered (Jersey) Limited Consultation response (size 93kb)
Download UBS AG Consultation response (size 268kb)
Download Volaw Trust & Corporate Services Limited response (size 956kb)