What is the main role of the Financial Services Ombudsman?

The main role of the Financial Services Ombudsman is to adjudicate in disputes between insurers and private insured individuals. This function is crucial as it provides an independent and impartial platform for resolving complaints that consumers may have against financial service providers, including insurance companies. The Ombudsman investigates the facts surrounding the complaint, considers the relevant laws and regulations, and then makes a determination that aims to be fair to both parties. This promotes consumer confidence in the financial services sector by ensuring that there is a formal mechanism for addressing grievances.

The other options are less aligned with the primary function of the Ombudsman. Acting as a spokesman for the insurance industry or as a liaison between the industry and the government does not reflect the independent nature of the Ombudsman’s role; their primary responsibility is to serve the consumers, not the industry. Additionally, while the Ombudsman may be aware of codes of practice, issuing them is generally the role of regulatory bodies rather than the Ombudsman, which is focused on dispute resolution.