IOM Financial Ombudsman Scheme

  • Spanishfly
  • 25/10/08 31/05/09
  • a depositor
  • Offline
Posted: Tue, 17/02/2009 - 14:40

Has anybody thought of making a formal complaint about this whole farce to their Financial Ombudsman Scheme.
I copied this from the IOM web site Freedom to Flourish never again

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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Isle of Man Ombudsman Scheme

  • Premier
  • 10/02/09 31/05/09
  • not a depositor
  • Offline
  • Tue, 17/02/2009 - 19:39

The Premier Shareholders Association (PSA) can assure KSFIOM depositors that the Isle of Man Ombudsman Scheme is as useless as a chocolate fireguard. It exists solely to protect Island based companies - don't waste your time you will get nowhere.

For more information contact the PSA


  • rapata
  • 13/10/08 03/08/09
  • a depositor
  • Offline
  • Tue, 17/02/2009 - 21:36

On further reading I noted that the Ombudsman would help you if you had a complaint etc against a bank/company or institution. Our bank is already in provisional receivership so this would not apply. Matter closed.

IOM Ombudsman

  • rapata
  • 13/10/08 03/08/09
  • a depositor
  • Offline
  • Tue, 17/02/2009 - 16:14

A few weeks ago I was searching for some information on the IOM and came across the same information and wondered whether this may be of benefit to us. I didn't do anything about it, thinking that this avenue has either been explored already or was not relevant to us. However I intend to contact them today and see what happens, I will post whatever reply I get on the forum.

Rapata, When you contact them

  • thesunnysouth
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 17/02/2009 - 22:17

When you contact them see if its possible to get a definition of institution. For example are arms of the IoMG institutions if they are the FSC could come into play.