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Ombudsman schemes for financial services in the U.K.: a consumer view
Author(s) -
MITCHELL JEREMY
Publication year - 1991
Publication title -
journal of consumer studies and home economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.775
H-Index - 71
eISSN - 1470-6431
pISSN - 0309-3891
DOI - 10.1111/j.1470-6431.1991.tb00669.x
Subject(s) - redress , balance sheet , balance (ability) , financial services , queen (butterfly) , economics , business , finance , law , political science , hymenoptera , botany , biology , medicine , physical medicine and rehabilitation
The ombudsman schemes that have been set up in the financial services sector in the U. K. are intended to meet the needs of consumers for rapid, effective and cheap redress. This paper examines the extent to which these schemes have fulfilled their objectives and draws up a balance sheet from the consumer viewpoint. Suggestions are made for the future development of the schemes. The paper is based on a speech given at the Office of Fair Trading Conference on Consumer Redress, Queen Elizabeth II Conference Centre, London, January 1991.