Onward For The Ombudsman

The Royal Court has recently handed down its judgment in the first judicial review of a decision of the Channel Islands Financial Ombudsman ("CIFO") Future Finance Limited v Channel Islands Financial Ombudsman [2019] JRC041.

Factual background

CIFO was set up in 2015. The primary role of CIFO is to resolve complaints about financial services provided in/or from the Channel Islands. When CIFO receives a complaint about a Financial Services Provider ("FSP"), it will conduct an investigation, will try to facilitate a settlement of the dispute and, if that fails, will make a determination. If the determination is accepted by the consumer it becomes binding on the FSP. CIFO is not a court or a regulator and therefore does not fine or discipline FSPs, but it can make awards requiring the FSP to pay money to the complainant, and the awards can be enforced in court as a civil debt up to £150,000.