The Gibraltar Government has proposed to set up a financial services ombudsman’s office, to provide an additional recourse to consumers in the jurisdiction who are unhappy with the services they’ve received, according to a report in the online Gibraltar Chronicle.
The proposed legislation would require financial services companies to participate in dispute resolution procedures conducted by the ombudsman, who would have power to impose binding solutions on those companies, the paper said.
The ombudsman would be appointed by the appropriate minister, and would have the function of investigating, facilitating, mediating, proposing or determining solutions to financial service disputes.
The bill also proposes a requirement that financial services inform their customers about the ombudsman’s services.
Details of the plan, including when the financial ombudsman’s office was likely to become a reality, weren’t revealed. No one from the Gibraltar government was immediately available for comment.