Our Role
The Office of Ombudsperson for Financial Services was created under the Ombudsperson for Financial Services Act (‘Act’).
With a view to giving better protection to consumers of financial services, the Office of Ombudsperson for Financial Services shall, in particular:
(1) Inform and educate the general public on investments in financial services offered by financial institutions;
(2) Assist the Ombudsperson in dealing with complaints made by consumers of financial services against regulated financial institutions; and
(3) Act without fear or favour and shall not be subject to the directions or control of any other person or authority in the exercise of its functions.
Our range of powers are summarised below:
1. Investigation
2. Mediation
3. Hearing
4. Make an Award and issue directives
5. Enter premises
6. Request for information
7. Issue instructions and guidelines or impose such other requirements
8. Share information and, where appropriate, enter into a Memorandum of Understanding, with any relevant supervisory or regulatory authority or law enforcement agency
2. Mediation
3. Hearing
4. Make an Award and issue directives
5. Enter premises
6. Request for information
7. Issue instructions and guidelines or impose such other requirements
8. Share information and, where appropriate, enter into a Memorandum of Understanding, with any relevant supervisory or regulatory authority or law enforcement agency