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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.

Please refer to ‘Legislation’ for more information regarding CIFO’s laws and secondary legislation.