The Financial Ombudsman Service: not just an alternative to court

Walter Merricks

Journal of Financial Regulation and Compliance, 2007, vol. 15, issue 2, 135-142

Abstract: Purpose - The Financial Ombudsman Service is a statutory body offering a dispute resolution service to consumers and firms. The purpose of this paper is to outline the service as an alternative to the civil courts. Design/methodology/approach - The paper compares the style, objectives and operation of the service with those of civil court proceedings. Findings - The Financial Ombudsman Service has developed a very different model from that of the civil courts and is the preferred alternative for most retail consumers of financial services. Originality/value - The comparison in style, process, institutional systems and legal approach may offer observers food for thought about potential developments in the civil courts themselves.

Keywords: Ombudsman; Complaints; Dispute resolutions; Civil law; United Kingdom (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrcpp:v:15:y:2007:i:2:p:135-142

DOI: 10.1108/13581980710744020

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