The role of ombudsman: Resolving financial disputes in Malaysia

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-11-07 DOI:10.1002/crq.21366

Muhamad Ikhwan Mohd Zain, Nur Ezan Rahmat, Ibtisam @ Ilyana Ilias

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引用次数: 1

Abstract

The paper highlights the establishment of the Ombudsman for Financial Services (OFS) in Malaysia as a good alternative avenue for the equitable settlement of disputes regarding financial services. It has been operating since 2016. However, its accessibility to reach wider financial consumers is restricted due to its limited monetary jurisdiction which is incompatible with the current market conditions. Adopting a qualitative content analysis approach, this study reviews the primary legal framework for implementing the financial ombudsman scheme in Malaysia under Financial Service Act 2013 (FSA), Islamic Financial Service Act 2013 (IFSA), Financial Services (Financial Ombudsman Scheme) Regulations 2015 and Islamic Financial Services (Financial Ombudsman Scheme) Regulations 2015 with special focus on monetary jurisdiction. The study has also analyses the jurisdiction of other countries, and the results found that the monetary jurisdiction of the law in Malaysia is still small and limited. Based on comparative analysis, this study suggests an agile approach in determining the monetary jurisdiction through a flexible provision allowing a review every 3 years based on the consumer price index and relevant reports. This way, its accessibility to wider financial disputes will be elevated.

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申诉专员的角色:解决马来西亚的金融纠纷

本文强调了在马来西亚设立金融服务监察员(OFS)作为公平解决金融服务纠纷的一个很好的替代途径。自2016年以来一直在运营。然而，由于其有限的货币管辖权与当前的市场条件不相容，它的可及性受到了更广泛的金融消费者的限制。采用定性内容分析方法，本研究回顾了2013年金融服务法(FSA)、2013年伊斯兰金融服务法(IFSA)、2015年金融服务(金融监察员计划)条例和2015年伊斯兰金融服务(金融监察员计划)条例下实施马来西亚金融监察员计划的主要法律框架，特别关注货币管辖权。该研究还分析了其他国家的管辖权，结果发现，马来西亚法律的货币管辖权仍然很小，有限。在比较分析的基础上，本研究提出了一种灵活的确定货币管辖权的方法，即每3年根据消费者物价指数和相关报告进行一次审查。通过这种方式，它可以更好地处理更广泛的金融纠纷。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.