Channel Islands Appoint Financial Services Ombud
by Jason Gorringe, Lowtax.net, London
06 April, 2015
The Channel Islands, Jersey and Guernsey, have confirmed the appointment of a joint Financial Ombudsman.
Geoff Cook, the Chief Executive Officer of Jersey Finance, said: "The appointment of Douglas Melville is welcome news across both islands for consumers and small businesses alike. The Channel Islands Financial Ombudsman will provide an accessible alternative to the courts in relation to the resolution of complaints made against financial services providers in the Channel Islands."
The Financial Ombudsman will resolve complaints by consumers and small businesses against financial firms, as an informal alternative to the courts. The service will be free for consumers and small businesses, with the costs recovered by law from financial firms.
Melville, who will take up the role from June 1, 2015, is currently the Ombudsman and Chief Executive at the Canadian Ombudsman for Banking Services and Investments. He is also Chairman of the worldwide Network of Financial Ombudsmen and has advised on financial consumer protection for the World Bank and other public bodies.
David Thomas, the Chairman of the Board of the Channel Islands Financial Ombudsman, added: "The Board is very pleased that we have been able to recruit such an experienced and well-regarded financial ombudsman. He will fulfill a key role in helping to underpin consumer confidence in financial services in Jersey and Guernsey, enhancing the reputation of the finance sectors both locally and internationally."
For his part, Melville said: "I am looking forward to working with the board in completing the establishment of the Channel Islands Financial Ombudsman. Later in the year, we will announce the opening date, once the rest of the staff and the necessary systems are in place."
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