The States of Jersey are establishing an Ombudsman Scheme in 2015 for financial services offered in Jersey.  The purpose of the incoming scheme is to provide an independent dispute resolution service to settle complaints between consumers and businesses providing financial services in Jersey. 

The scheme will determine complaints based on what is “fair and reasonable” in the circumstances and the new Ombudsman can make awards to make good financial loss incurred by a customer up to a maximum sum of £150,000. Individuals, small businesses, charities, trusts and foundations, amongst others, can complain to the Ombudsman. 

The Ombudsman will be able to consider complaints from as far back as 1 January 2010 but claims may also be rejected if they are outside certain prescribed time limits: a complaint must be made within (a) six years of the act to which it relates or (b) two years after the complainant should have become aware of the cause for the complaint. 

The Ombudsman may award a sum of money to compensate for financial loss suffered and/or for distress or inconvenience caused.