Monday, December 11, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
The Isle of Man Financial Services Ombudsman Scheme 20 November 2008

The Appointments Commission* is seeking applications from individuals to be appointed as Adjudicators for the Isle of Man Financial Services Ombudsman Scheme. Applicants must be qualified by experience or otherwise as assessed by the Appointments Commission.

• What is the Isle of Man Financial Services Ombudsman Scheme?

The Isle of Man Financial Services Ombudsman Scheme (“The Scheme”), constituted under the Financial Services Act 2008, offers a free, independent mediation service in financial services disputes at its first stage and then a formal adjudication should the dispute remain unresolved.

A “financial services dispute” is a dispute between: –

  • a) an individual (“the complainant”) and
  • b) a person who, in or from the Island, has supplied the complainant with financial services (“the supplier”).

The Scheme is managed by and operates out of the Isle of Man Office of Fair Trading, whose staff provide a first stage of complaints handling, offering conciliation and mediation services. If a complaint is not resolved by this first stage it is passed to an Adjudicator to provide a formal investigation and determination of each complaint unresolved by conciliation and mediation.

• Who is the Appointments Commission looking for?

The Appointments Commission is seeking a panel of not more than 6 persons. Candidates must be familiar with dispute resolution and have experience of working in an environment of fairness and impartiality. A legal qualification would be preferred but is not essential. Candidates must have sound judgement and highly-developed, logical determination skills.

Demonstrable personal qualities of integrity, fairness and objectivity are essential, as are robust influencing and communication skills. Candidates will have held senior position(s) of significant responsibility and accountability, possibly in legal, regulatory or public interest organisations. Knowledge of personal financial services and the regulatory system in the Isle of Man would be an advantage, although independence from current involvement in the financial services industry is of great importance for the Scheme.

The panel of Adjudicators of the Scheme will be appointed for a period of three years or until they resign or are removed from office.

The Financial Services Act 2008 specifically requires that:-

‘a person who is at that time engaged or employed, or has at any time within the 3 years preceding that time been engaged or employed, in any business consisting of or including the supply of financial services of the same kind as that to which the dispute relates shall not be qualified to act as an Adjudicator in respect of such a dispute’.

• How do I apply?

An information pack including further information about the Scheme is available from:

More stories >>>  


Other Guides by Maxima Systems Ltd: Disney World