Bank Negara Malaysia (the Bank) has announced that the Ombudsman for Financial Services (OFS) [formerly known as Financial Mediation Bureau] will commence operations as the operator of the Financial Ombudsman Scheme (FOS) on 1 October 2016.
The OFS serves as an independent redress mechanism with minimum formality for financial consumers to resolve disputes with financial service providers. Its services are an alternative to, and not a replacement for legal actions taken in a court of law. The services of the OFS are offered free of charge to financial consumers.
Further information on eligible disputes covered by the financial ombudsman scheme and procedures for bringing a dispute to the financial ombudsman scheme is available on the Ombudsman for Financial Services’ website at www.ofs.org.my.
