Financial Ombudsman Scheme

Introducing an Ombudsman Scheme for financial complaints in Jersey was a recommendation of the 1999 ‘Edwards Review’ of financial regulation in the Crown Dependencies, and the subject of much consideration and sporadic progress ever since. By 2009 there was little sign of the Ombudsman, but that year a successful amendment to the 2010 Business Plan by Senator Alan Breckon secured the inclusion of the all important law drafting time.

 

Since then work has been ongoing and significant progress achieved. Industry consultation, including a formal process and the establishment of an Industry/Department Working Group, has been carried out. The Panel understands that the Minister for Economic Development plans to lodge the legislation before the summer recess in 2012, with the Ombudsman likely to be operational from early 2014. The intention appears to be to develop and implement the Ombudsman Scheme for Jersey first, with the potential for Guernsey to co-ordinate its legislation and join later. The Panel will begin taking evidence when the draft legislation is made public by the Minister (currently envisaged to be later in April/early May), and plans to publish its report containing all of the findings and recommendations in June/July this year.