Wednesday 25 January 2012
The Commerce and Employment Department has released the summary of responses to the financial services ombudsman consultation. The Department is working with Jersey's Economic Development Unit and continues to investigate the possibility of a joint channel island scheme.
An FSO would provide an independent complaint resolution service for customers of financial services provided from Guernsey. Various reports (e.g. 1999 Edwards report; 2009 Foot Review) recommended the consideration of the introduction of a FSO.
A consultation document on the FSO aimed at the financial services industry was issued in summer 2011, inviting comments about the proposed structure and funding of the scheme. A total of 10 responses to the consultation were received from individuals, companies, trade bodies or organisations within the finance industry. Jersey has already undertaken a consultation and there are sufficient similarities for the two islands to continue to work collaboratively to potentially achieve a pan-island FSO.
Deputy Carla McNulty Bauer, Minister for Commerce and Employment said:
"The Department is grateful to those who have taken the time to consider the proposals and send in their comments. Although there were some mixed views on certain areas the feedback was very valuable . Commerce and Employment intends to continue to investigate the most appropriate scheme for Guernsey which is in the best interests of the financial services industry before presenting its report to the States for debate in the course of 2012."
Further investigation regarding the FSO including further analysis of data on number of complaints will now take place.
A States Report and debate is likely later in 2012 with an FSO becoming operational in 2014.
Contact information
Commerce and Employment Department: Tel 234567
