Friday 26 September 2014
The Commerce & Employment Department and Economic Development Department in Jersey (the Departments) have today issued a joint consultation to gather views on the funding scheme proposed for the Office of the Financial Services Ombudsman (OFSO).
The proposal and consultation feedback will then be presented to OFSO for its consideration in prescribing the first fee and levy schemes.
OFSO is to be funded by the financial services industry through two mechanisms: levies on financial services providers and case fees on providers in respect of complaints against them. The consultation document sets out the proposed funding scheme and principles, including:
- who will pay the case-fees and levies;
- how the case-fees and levies will be calculated and applied;
- how exemptions would apply;
- illustrations of potential fees and levies.
Readers in each jurisdiction should read the consultation document and the relevant island-specific appendix. Views on the proposals and specific responses to the questions posed are welcomed by the closing date of 14 November 2014.
The document is available via the link on the right.
-ENDS-
