External Mediators, The Financial Services Ombudsman’s Bureau

Discussion in 'The Financial Services Ombudsman' started by Black_Adder, Mar 11, 2016.

  1. Black_Adder

    Black_Adder Frequent Poster

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    External Mediators, The Financial Services Ombudsman’s Bureau


    The Financial Services Ombudsman’s Bureau proposes to establish a Panel of External Mediators to resolve complaints by consumers about the conduct of financial service providers.


    Mediators appointed to the Panel will engage with the parties to the dispute to facilitate a resolution and record agreements reached.
    Potential candidates should have a significant, proven track record in the area of Mediation, with relevant qualifications and accreditation.


    Full details of the role and application process are available on the Bureau’s website www.financialombudsman.ie.

    Closing Date for receipt of applications is 4 p.m. on Friday 25 March 2016.
     
  2. Black_Adder

    Black_Adder Frequent Poster

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    This approach will not work.
     
  3. Jumpstartdublin

    Jumpstartdublin Frequent Poster

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    Why will it not work ? It will, I expect, be appropriate for certain cases. In some cases, the financial institution could have easily sorted out the complaint before it was escalated. They become more engaged when referred to FSO
     
  4. todo

    todo Frequent Poster

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    It will work if the mediators enforce the code of conduct.

    But if they are going to fall back on clever terms and conditions then we are back at square 1.
     
  5. Brendan Burgess

    Brendan Burgess Founder

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    True. But in many more cases, the customer is just annoyed and making a complaint which is not justified. I am not sure if mediation will help in these circumstances. Mediation will help where there is a well-founded complaint and they are fighting over compensation.

    There is a difference between mediators and arbitrators. The mediator is trying to bring them to together but can't impose a solution. The arbitrator's finding is binding on both sides.
     
  6. Black_Adder

    Black_Adder Frequent Poster

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    It will need several changes on approach on several levels:

    (1) Fundamentally a customer trying to ground his compliant is severely disadvantaged from even finding the various pieces of legislation that might help the case. Our approach to consumers in relation to financial products is 3rd world.
    (2) if a customer does not raise the specific issues for example 'continuous conduct' the FSO will not raise it
    (3) The area is specialised and takes time to get familiar with it
    (4) Advertising for mediators on the Bar Council website - is it anything but legalistic.