FESE study on Ombudsman for Financial Services’ Providers

08 June 2004

FESE has recently asked Dr. Oonagh McDonald to prepare a study on the original idea of Ombudsman for financial services. The feasibility study lines out that the Ombudsman’s work will relate to the securities industry, but as the Lamfalussy process is fully applied to banking and insurance, the Ombudsman should serve in these areas as well.

It is proposed that the Ombudsman should at first be established as a voluntary service without the appropriate legal status, since the latter would take too long to obtain. It is intended that the quality of the service would ultimately lead to the acquisition of legal recognition. The service itself should be based in Brussels with a small secretariat.

Ombudsman report

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