The Financial Services and Markets Act 2000 - Dispute resolution: The ombudsman scheme

The financial services industry has over the last 20 years developed a variety of dispute resolution mechanisms, for the most part voluntarily established and funded by the relevant sector. As far as insurance is concerned, the Insurance Ombudsman Bureau, which has operated since 1981, had ultimately encompassed the vast bulk of the personal lines market. The voluntary schemes are to be swept away and merged into a single scheme, the Ombudsman Scheme.