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Proposed Financial Ombudsman Service

Published / Last Updated on 10/10/2006

According to the Financial Services Commission in Gibraltar, consultations are underway for a financial ombudsman service to be set up in the jurisdiction.

At the moment there are no firm plans because the Government are trying to ascertain how a Gibraltar based financial ombudsman service would cope with offshore clients from all over the World.

Our view

The most recent financial ombudsman service was set up in the Isle of Man in 2001 and it has been very successful.

Consumers are very wary of investing in offshore jurisdictions because of the lack of recourse and regulation. Implementing an ombudsman service will give consumers more confidence and the Gibraltar financial services industry should see an upturn in business.

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