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History of CIFO’s 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 are as comparable as possible across the Channel Islands. A memorandum of understanding commits both jurisdictions to make best efforts to maintain the scope in each jurisdiction as similar as possible.

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.