Channel Islands' Ombudsman Fully Operational
by Jason Gorringe, Lowtax.net, London
23 November, 2015
The new Channel Islands Financial Ombudsman has opened its doors, Jersey's Financial Services Commission has announced.
The ombudsman is a joint initiative by Guernsey and Jersey. Based in Jersey, the ombud will cover disputes concerning financial services provided in or from Jersey, Guernsey, Alderney, or Sark.
Complaints must be brought to the CIFO within six years of the event, or within two years from when the complainant should have known that there was reason to complain.
For previous events, the CIFO can only look at complaints that were raised on or after January 1, 2010, for financial services rendered by Jersey-based providers, or on or after July 2, 2013, for financial services rendered by Guernsey-, Alderney-, or Sark-based providers.
Once the complainant accepts the decision, it will become legally binding for both parties. The ombudsman can award compensation, payable by the financial services provider, up to a maximum limit of GBP150,000 (USD225,000).
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