The Financial Market Ombudsman Service has resolved 2,268 cases since January, saving consumers an estimated RM34 million in potential legal costs.
KUALA LUMPUR: The Financial Market Ombudsman Service has received 3,253 complaints since it began operations on Jan 17, 2025. Of these, 2,268 disputes have been successfully resolved through mediation and adjudication.
The Ministry of Finance disclosed these figures in a written parliamentary reply published today. The ministry was responding to a question from Chong Chieng Jen regarding FMOS’s legal authority and funding.
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The ministry stated that complaints are resolved on a case-by-case basis. The dispute resolution process is estimated to have saved costs of about RM34.02 million, which complainants might otherwise have had to bear if cases were brought to court.
“The government takes note of this and wishes to stress that it is committed to ensuring FMOS operates in a transparent, fair, and effective manner to protect consumer rights,” the ministry said.
It added that although FMOS is funded by the industry, it operates independently without interference from Bank Negara Malaysia or the Securities Commission Malaysia. Adjudication decisions are made in accordance with FMOS rules.
The MoF also said that the majority of board members and adjudicators are independent and have no interests in the financial industry. This is to ensure the integrity and transparency of the dispute resolution process. – Bernama
