What is the Financial Services Ombudsman Scheme?
First of all, not every financial centre operates an Ombudsman’s Scheme. But those that do so offer an independent dispute resolution service for private individuals using financial service companies. You will need to check exactly what types of financial service companies are covered, as some corporate and trust service providers are excluded. In general, the Scheme is specifically for complaints where the customer has suffered a financial loss. If the complaint is upheld then the Ombudsman can direct the firm to pay money back to the customer up to a certain amount. In the case of the Isle of Man, which does operate such a Scheme, this sum can be up to £100,000. 8. What happens if none of this works? If you have followed the above steps and nothing works and you still firmly believe you have a case, then you might consider taking the company to court and/or filing a complaint against the supervisory commission. However, due to the costs involved you must be certain you have a strong
