History of CIFO Development

Jersey:

  • 2009: Jersey’s States Assembly gave approval for drafting a financial services ombudsman law.
  • 2011: The Jersey Department consulted on the financial services ombudsman scheme and Jersey law drafting began.
  • 2012: The Jersey Department and industry working groups considered approaches for funding the ombudsman scheme and estimates of complaints volumes.
  • 2014: The Financial Services Ombudsman (Jersey) Law 2014 was: approved by Jersey’s States Assembly; approved by the Privy Council; and registered in the Royal Court.
  • 2015: The legislation came into full force on 16 November.

Guernsey:

  • 2011: The Guernsey Department consulted on a financial services ombudsman scheme.
  • 2012: The Guernsey Department and industry working groups considered approaches for funding the ombudsman scheme and estimates of complaints volumes.
  • 2013: A States Report was approved by Guernsey’s States and Guernsey law drafting began.
  • 2014: The Financial Services Ombudsman (Bailiwick of Guernsey) Law 2014 was: approved by Guernsey’s States, Alderney’s States and Sark’s Chief Pleas; and approved by the Privy Council.
  • 2015: The law was registered in the Royal Court. Its full provisions came into force on 16 November.

The Jersey and Guernsey laws and secondary legislation are in similar terms – so that the scope and operations of CIFO is the same across the Channel Islands.

Secondary legislation in Jersey and in Guernsey specifies which financial services providers are covered by CIFO; gives the board of CIFO power to make schemes to set levies and case fees; specifies who is eligible to complain; and brings the complaint-handling provisions into force.