Ombudsman for Financial Services starts Oct 1
Published on: Thursday, September 29, 2016
Kuala Lumpur: Bank Negara Malaysia (BNM) has announced that the Ombudsman for Financial Services would commence operations as the operator of the financial ombudsman scheme on Oct 1, 2016. The Ombudsman for Financial Services is approved by the Bank under the Financial Services Act 2013 and Islamic Financial Services Act 2013 to provide a fair and efficient avenue for financial consumers to resolve disputes against financial service providers. In a statement Wednesday, BNM said the Ombudsman serves as an independent redress mechanism with minimum formality for financial consumers to resolve disputes against financial service providers.
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It said the services for the Ombudsman for Financial Services are an alternative to, and not a replacement for, legal actions taken in a court of law, and are offered free of charge to financial consumers.The Ombudsman for Financial Services is governed by a board of directors led by retired Federal Court Judge Tan Sri James Foong, who has been appointed as Chairman of the Ombudsman.BNM said financial consumers can refer eligible disputes involving banks, insurance companies, takaful operators, development financial institutions, designated payment instrument issuers, insurance and takaful brokers, and financial advisers, to the Ombudsman for resolution.However, it said, disputes filed with the Ombudsman must not exceed RM250,000.
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Ombudsman for Financial Services Chief Executive Officer Jeremy Lee said: "The introduction of the new financial ombudsman scheme is timely. Stay up-to-date by following Daily Express’s Telegram channel.
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For further information, visit the Ombudsman website at www.ofs.org.my or walk in during office hours (8.30 am to 5.30 pm Monday to Friday). – Bernama
