Question

What are the roles and responsibilities of the financial services ombudsman?

Answer 1

Financial services ombudsman- It is a service that provides protection to consumers from financial service business.

Roles and responsibilities of the financial services ombudsman- It resolves disputes between consumers and financial business. This body is impartial between consumers and financial business. It is neither in favor of consumers nor in favor of financial business. It takes into consideration the obligations imposed on financial business by Financial service authority. This body takes a fair and reasonable decision about the complaints. It also clears the misunderstanding between the consumers and financial business. This body does not make rules or does not pressurize anyone to follow it.