IOM OMBUDSMAN SCHEME UPDATED

Posted 13/04/2009 - 13:54 by direstraits

After posting I realised that I had not included any comment.
It is my firm belief that the 500+ should never have been sent to UK. And sorry guys, do you really accept that it was done for safe keeping?

There are at least 25 banks on IoM with substantial assets so is it not logical that the best course of action would have been to leave it on IoM where it could have been safely divided up and distributed among the banks thus limiting the liability.

I agree we all need to keep up the pressure but I am getting frustrated in writing letters to which I never receive replies. So, if say a few hundred of us filed a complaint against the FSC for allowing the transfer of the 500+ to UK this would completely clog up the Ombudsman’s offices.

The complaint forms are downloadable from the Ombudsman’s offices in PDF form and are simple to complete.

If this is of interest then perhaps one of the more eloquent members could produce a draft which we can all use to maximise the complaint.

It would certainly be a thorn in the side.

Financial Ombudsman Scheme
What is the Financial Services Ombudsman Scheme?

The Financial Services Ombudsman Scheme is a free, independent dispute resolution service for customers with a complaint against an Isle of Man financial firm such as a bank, insurance company or financial adviser. If the complaint is upheld, the Scheme aims to put you in the position you would be in if things hadn't gone wrong. The Scheme can direct the firm to put things right, including paying up to £100,000.

The Scheme operates out of the Isle of Man Office of Fair Trading. It is funded by the Isle of Man Government.

Who can use the Ombudsman Scheme?

Private individuals who are customers of financial firms. Companies are not eligible to use the Scheme.

What can be complained about?

You can bring a complaint if, in the course of supplying you with financial services, a firm has caused you to lose money (or suffer material distress or material inconvenience) through its maladministration or negligence.

Financial services include insurance, investments, banking, mortgages and credit as well as pension and other financial advice.

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