Broadly, the Ombudsperson for Financial Services Act 2018 provides for the establishment of the Office of the Ombudsperson for Financial Services. With a view to giving better protection to consumers of financial services, the Ombudsperson for Financial Services will receive and deal with complaints from consumers of financial services against financial institutions and may make an award for compensation, where appropriate, and give such directives as he may determine to financial institutions. It is incumbent on the Office of Ombudsperson for Financial Services to inform and educate the general public on investments in financial services offered by financial institutions.
The Office of Ombudsperson for Financial Services has, on 7 March 2019, published the procedures which should be followed by an aggrieved person for the making of a complaint to the Office of Ombudsperson for Financial Services.
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