FESE proposal on ombudsman for financial services’ providers

01 June 2004

FESE has recently asked Dr. Oonagh McDonald to prepare a study on the original idea of Ombudsman for financial services. The work of Dr. McDonald has just been finished. The feasibility study will form a basis for FESE further work on this idea. The study will be available in the course of next week. All European Institutions as well as major associations and federations active in the field of financial services will be presented with the study.

According to FESE, Europe’s financial services industry needs an ombudsman to oversee cross-border disputes between businesses and national regulators. The ombudsman would initially examine a firm’s grievances, transmit his appraisal of the case to CESR discuss CESR’s response with the aggrieved party.

CESR and its national regulator bodies must be parties to the ombudsman statute and commit themselves to implement any decisions.

Press release

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