FOS Malta style…compared with UK and coming out pretty well.

There has been a discussion in Malta regarding a new financial services ombudsman system.  This article from Times of (link below) contains some interesting comparisons with what we have in the UK.  Here is a short quote:

“Other parts of the Financial Services Arbiter Act are drawn from the UK Financial Ombudsman Service (FOS) as enacted by the Financial Markets Act 2000. However, the Maltese legislator has been careful not to replicate some of its provisions that may be considered borderline in whether they readily conform to the right to a fair hearing enshrined in Article 6 of the European Convention of Human Rights.”

Times of

There are some errors in the article…but never-the-less the writer has picked up some good points IMHO and the attitude of the service is well summed up by the quote below, if the Law has lagged behind…no problem…FOS knows best…

“”As a retired UK Ombudsman said: “Our fair and reasonable jurisdiction allows us to look beyond wording of the small print, to take into account the large print in the promotional materials, good industry practice, and if necessary, adopt a modern and fairer approach where it is clear that the law has lagged behind.””

Categories: FOS


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