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The Financial Ombudsman Service: not just an alternative to court

Author

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  • Walter Merricks

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.

Suggested Citation

  • Walter Merricks, 2007. "The Financial Ombudsman Service: not just an alternative to court," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 15(2), pages 135-142, May.
    • Handle: RePEc:eme:jfrcpp:v:15:y:2007:i:2:p:135-142
    DOI: 10.1108/13581980710744020
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    Citations

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    Cited by:

    1. Mulcahy, Mark & Beck, Matthias & Carr, Michelle & Hourigan, Niamh, 2019. "Novel approaches to the regulatory control of financial services providers: The importance of cultural context," The British Accounting Review, Elsevier, vol. 51(5).
    2. Richard Brophy, 2012. "Development of insurance regulation in Ireland," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 20(3), pages 248-263, July.
    3. Peter Norberg, 2009. "“I don’t Care that People don’t Like What I Do” – Business Codes Viewed as Invisible or Visible Restrictions," Journal of Business Ethics, Springer, vol. 86(2), pages 211-225, May.
    4. Putri P. R. Marditia & Catherine Tania, 2022. "Safe deposit box regulatory model: An effort to prevent money laundering practices in the Indonesian banking system," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(1), pages 161-169, January.

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