Nobody downloaded yet

Financial Services Ombudsman - Essay Example

Comments (0) Cite this document
Summary
Financial Services Ombudsman Insert Name University Date: Part One An Ombudsman scheme is a service that helps look into complaints lodge against an organization. By using this scheme, an individual tries to resolve disputes without necessarily having to go to court…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.2% of users find it useful
Financial Services Ombudsman
Read TextPreview

Extract of sample "Financial Services Ombudsman"

Download file to see previous pages There are therefore, a number of Ombudsmen that exist in UK which includes, parliamentary and health services Ombudsman, financial Ombudsman, local government Ombudsman, European Ombudsman, legal Ombudsman, housing Ombudsman, prisons and prohibition Ombudsman, and property Ombudsman. Often than not before lodging a complaint with the Ombudsman, one has to make that complaint to the organization in the first place. In the event the Ombudsman reaches into a conclusion that the compliant by the individual is justified, they make recommendations on what the respondent organization should undertake to resolve the dispute. It should however be noted that the Ombudsman does not have the power to impose or force the organization to implement its recommendations even though more often than not, their recommendations are implemented. The main objective of an Ombudsman scheme is to investigate into cases of maladministration, and as such, the methods undertaken by an organization in an attempt to reach a decision or deal with a given situation. Instances of organization maladministration may include: delay in taking action or even total failure to take any action, giving misleading or wrong information, rudeness, failure of an organization to follow its own procedures or policies, and an organization treating some individual in an unfair manner compared to other individuals. It is the role of Ombudsman UK to institute investigations as well as settle complaints involving individual and organizations or even government bodies. Additionally, the Ombudsman encourages better practices in organizations when handling complaints. In instances such as those mentioned, the Ombudsman only investigates cases in which a person has suffered individual hardship, financial loss or injustice following the act or omission of the respondent organization. Usually the Ombudsman does not engage itself in investigating decision taken by an organizing for the sole reason that the complainant is not in agreement with it. It follows therefore that, for a person to successfully lodge a complaint with the Ombudsman scheme, the person must have given the concerned organization, a chance to comment on the lodged complaint as well as settle any problems. It is very unlikely that an Ombudsman will investigate a case which is in the verge of going to court or a case in which court proceedings have already commenced. Actually, many at times an Ombudsman does not engage into cases or complaints that could as well be tackled by a tribunal or a court. An Ombudsman has a time limit within which a complainant can approach it to lodge his or her complaint. This time limit is usually six to twelve months if a compliant exceed that time limit then the Ombudsman is not left with no option but to reject the compliant. It is pertinent to mention that Ombudsman do not offer advice, and therefore it is important to seek independent advice in order to make an informed decision before lodging a complaint with the Ombudsman. It is possible that there may be other alternatives, such as making an application to court or going to a tribunal. It is important ant to not the procedure through which a person may lodge a complaint to the Ombudsman. This is because the procedure used by the Ombudsman to initiate an investigation into a complaint is greatly dependent on which of the various ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Financial Services Ombudsman Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Financial Services Ombudsman Essay Example | Topics and Well Written Essays - 2250 words. Retrieved from https://studentshare.org/law/1441227-financial-services-ombudsman
(Financial Services Ombudsman Essay Example | Topics and Well Written Essays - 2250 Words)
Financial Services Ombudsman Essay Example | Topics and Well Written Essays - 2250 Words. https://studentshare.org/law/1441227-financial-services-ombudsman.
“Financial Services Ombudsman Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.org/law/1441227-financial-services-ombudsman.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Financial Services Ombudsman

Financial Services

...?Financial Services Table of Contents Introduction 3 Background to Basel III 5 Overview of the Key Elements of the Basel III Framework 8 Capital Ratios 8 Constituents of Capital 9 9 Leverage Ratio and Liquidity Ratios 9 Shortcomings of the Basel II That Could Not Prevent the Financial Crisis 10 Implications of the Proposals of Basel III Framework 11 The Sufficiency of Basel III Standards to Prevent a Further Financial Crisis 13 Conclusion 15 References 16 Bibliography 19 Introduction In the year 1988, the Basel Committee on Banking Supervision established a capital quantifying arrangement in banks. This system was widely known as the Basel Capital Framework. It has been...
12 Pages(3000 words)Essay

Financial services

...?EXECUTIVE SUMMARY The financial crisis in the United Kingdom has left deep roots to influence the financial service sector. Due to the negative influence of the crisis, it was recorded that the financial service sector had to face challenges to great extent in order to regain its position in the market. Even though the economic situation is under control in UK, the people blame financial institutions for the destruction of society. Regardless of the current situation, the financial service sector in UK has a promising future due to which most of the organizations are trying to establish their base at UK...
16 Pages(4000 words)Essay

Financial services

...? Financial Advisors & Retail Banks in UK By 4th May a. Financial Advisor & Retail Banking A financial advisor provides guidance toits clients regarding the investment of money and other money related matters. The financial services provided by the adviser include investment advice, pension planning, insurance advice, mortgage advice etc. The assists their clients to manage the risk and return related to their wealth, thus, optimizing the value of their money. There are different kinds of advisors, tied, multi-tied and independent depending upon the number of firms they provide advises on. Their qualifications are monitored and approved by the...
4 Pages(1000 words)Essay

Financial Services

...?Introduction This is the market where financial instruments, which includes shares, foreign currency, bonds, futures, options, derivatives contractsand other asset-backed securities are, traded (Levinson 2010). Financial markets act like a platform whereby funds are moved from those who have funds (investors) to those who needs the funds (borrowers) (Madura2010). The financial instruments traded in the financial markets reflect current information available in the market. It also reflects people and expert opinion, assessed uncertainty and any other new information that is available in the market in order to be an efficient (Leigh, Wolfers, &Zitzewitz, 2003, p.1). The...
5 Pages(1250 words)Essay

Financial services

...? Financial services Contents Derivative contracts 3 Recent examples of banks and companies making heavy losses from using derivatives 3 Evaluation of the risks and benefits of derivatives contracts 5 References 8 Derivative contracts Derivative contracts are financial instruments whose value is derived from the value of its underlying assets, security, market index, etc. The underlying factors of the market that determines the value of derivative contracts may be currency conversion rates, interest rates, equity prices, commodity prices, etc. The derivative contracts may take the form of options, swaps, futures, forwards, etc. Transactions on derivative contracts occur between two...
5 Pages(1250 words)Essay

Financial Services

...FINANCIAL SERVICES Question a) Financing is of two types, equity financing and debt financing. When you are in need of money or looking for capital, company's debt-to-equity-ratio should be considered. It is the relations between the Dollars or Euros that an entrepreneur has borrowed and Dollars or Euros invested in the business. The more the investment by the owners the more they attract the financing. When the equity to debt ratio of the firm is high then debt financing should be taken. If the proportion of the debt to equity ratio of the firm is high then it is advised that the owners should increase their equity investment, that way they cannot jeopardize firm's survival. Equity Financing Limited...
7 Pages(1750 words)Essay

Financial Services

...1. I have selected a topic ‘Financial Services’ Title: Financial Services 2. Question How Banks and Financial institutions are playing a key role towards globalisation of economies? 3. Articles Referenced 1) Salzar, M. T. (2007). ‘An approach for the identification of cross-sell and up-sell opportunities using a financial services customer database’. Journal of Financial Services Marketing; Nov2007, Vol. 12 Issue 2, p115-131, 17 2) Taylor, M. (2007). ‘Customers make banks pay for bad service’. Money Management; 9/6/2007, Vol. 21 Issue 33, p11-11, 1/6p 3) Wade W. (2007). ‘Open Solutions Deal For Vendor Closes’. American Banker; 5/11/2007, Vol. 172 Issue 91, p17-17, 1/9p 4) Knights M. (2007). ‘Integration aids fight against fraud... ’....
12 Pages(3000 words)Essay

Financial Services - Personal Financial Planning

...I. Introduction This paper aims to critically assess the following ment: “There is no point in saving for the future as the penalises those that do. It is better to enjoy life while you can and let the State look after you when you are unable to do so yourself. Accordingly, financial planning is essentially a waste of time.” (Anon) This paper aims to look at the issue that has been pointed out by the statement and presents arguments in line with it. This paper argues that while government punishes those who save, the incentives come to those who invest after they save. The importance of financial planning, which is not just comprised of saving is also discussed. This paper aims to give some...
7 Pages(1750 words)Essay

Financial Services

...of the financial system, reducing financial risks and crimes (INTOSAI, 2008). Government intervention in financial markets is highly critical in conditions of market failures. Financial sector in the UK is regulated by the Central banking Authorities and government policies that serve to minimize the risks exposed by the operating environment. All transactions in the insurance and investment sectors were governed by the Financial Services Act established in the year 1986. In the year 2000 the Financial Services and Markets Act (2000) was introduced and it superseded all the previous acts. This Act in...
20 Pages(5000 words)Essay

Whistleblower Ombudsman

...or abusive effects. They must know the steps they can take and the protections they are entitled to, in order to prevent harm to them and other stakeholders. References Golinkin II, J.W. (2013). Fishing with landmines: Healthcare fraud and the civil false claims act--where we are, how we got here, and the case for more trials. American Journal of Criminal Law, 40(3), 301-326. Kesselheim, A.S., & Studdert, D.M. (2008). Medicine and public issues: Whistleblower-initiated enforcement actions against health care fraud and abuse in the United States, 1996 to 2005. Annals of Internal Medicine, 149(5), 342-349. Office of Inspector General. (2015). Whistleblower Ombudsman FAQ. U.S. Department of Health and Human...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Financial Services Ombudsman for FREE!

Contact Us