- Government and consumer bodies were criticizing industry regarding service
- The Banking industry was out of step with global developments to establish ombudsman schemes.
- Government regulation might occur if the industry did not regulate itself.
Just like Ombudsman schemes throughout the world, we pledge to align with the best practice standards such as independence, impartiality, confidentiality, transparency, clarity of purpose, and effectiveness. Hence our main aim is to ensure that we efficiently deliver quality outcomes for consumers and represent good value for money for our country. The firm conviction of this office is to be credible; all stakeholders ought to have confidence in it, the office should be independent and effective in its role of investigating and resolving consumer complaints. The offer of free independent dispute resolution to customers paid for by the providers as an alternative to court is the model that this office should use. Most of the cases which have been concluded by this office within the last 6 years bear testimony that the scheme works effectively and had the consumers, or the bank approached the courts, huge amounts of money (in legal fees) and court time would have been wasted.