Jersey Financial Services Ombudsman: draft legislation published
After many years in the pipeline, the draft Financial Services Ombudsman (Jersey) Law 201- has been lodged for debate in the States of Jersey. The draft law and a report in relation to the introduction of the Financial Services Ombudsman for Jersey (or the Channel Islands) are available on the States Assembly website. Mourant Ozannes sets out a short summary of the proposals in this briefing.
The report accompanying the legislation indicates that the Ombudsman will have powers to investigate complaints and, if upheld, make awards to compensate complainants. Unlike our normal court procedure in Jersey, the Ombudsman will therefore fulfil an inquisitorial role, by both investigating complaints and making awards. The Ombudsman will also make decisions based on what is considered to be ‘fair and reasonable’ in the circumstances, although will also take account of legislation, codes and industry standards…
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Briefings from Mourant Ozannes
What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information?
A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.