Committee for Economic Development - P.2016/43
The States are asked to decide:-
Whether they are of the opinion to approve the draft Ordinance entitled "The Financial Services Ombudsman (Bailiwick of Guernsey) Law, 2014 (Amendment) Ordinance, 2016", and to direct that the same shall have effect as an Ordinance of the States.
This proposition has been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.
EXPLANATORY MEMORANDUM
This Ordinance amends Schedule 2 to the Financial Services Ombudsman (Bailiwick of Guernsey) Law, 2014 to allow references to "financial service providers", "fees", "levy", "resources", "OFSO", "income", "functions" and "reserve" to be read as including the equivalents under the Financial Services Ombudsman (Jersey) Law, 2014 for the purposes of the budget of the Office of the Financial Services Ombudsman for the financial years 2017 and 2018.
