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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