Gibraltar proposes setting up financial ombudsman service

Gibraltar is the latest offshore jurisdiction to consider implementing its own financial ombudsman service. If implemented, the service would be up and running within two years, Marcus Killick, chairman and commissioner for the Financial Services Commission (FSC) in Gibraltar, said. The move by Gibraltar follows the Isle of Man, who established a financial ombudsman in 2001 following recommendations made in the Edwards Review, which looked at the crown dependencies in 1999. Jersey and Guernsey are yet to establish a service. Killick said the ombudsman service would work in the same way a...