A person appointed by the banking industry to investigate complaints by bank customers.• Banking
The Banking Ombudsman provides an independent review of any customers unresolved complaints against his or her bank. The Ombudsman will normally only investigate complaints when the Bank's own complaints procedure has been exhausted without reaching agreement.
Organisation that provides assistance to small businesses or individuals who have complaints against financial providers like banks, an insurance company, or a stockbroker. This organisation will help to resolve problems that would otherwise go unresolved.
Board founded in 1993 and promoted by the Italian Bankers' Association to settle controversies between banks and customers for values not exceeding 10,000 euro and for which no solution was found at the bank's complaint offices.
The banking ombudsman is an independent arbitrator who will assess any complaint you have about your bank or credit card provider. You should always utilise your issuer's complaints procedure before contacting the banking ombudsman. The ombudsman has the power to award large amounts of compensation in certain cases, up to £100,000. Banks are duty bound to accept decisions by the banking ombudsman. The banking ombudsman can only deal with complaints about banks, not building societies, or other financial organisations who have their own similar scheme.
An industry-sponsored independent arbitrator who assesses public complaints against banks. The ombudsman's office can award up to £100,000 in damages. Its decision is binding on the 60 banks that subscribe to the scheme, though the public does not have to accept its decision.
Banking Ombudsman is a quasi judicial authority functioning under India’s Banking Ombudsman Scheme 2006, and the authority was created pursuant to the a decision by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks. The Banking Ombudsman Scheme was first introduced in India in 1995, and was revised in 2002. The current scheme became operative from the 1st January 2006, and replaced and superseded the banking Ombudsman Scheme 2002.