The Enlightenment Of The Financial Ombudsman Service In U.K For China

In China,the financial supervision system can not offer sufficient protection to theconsumers to prevent their property from trespass because our nation's financialsupervision's system is not perfect. Besides, ordinary people have not been educatedto handle the financial risks. Therefore, consumers need a kind of service to sort outcomplaints that consumers and financial businesses can not resolve themselves. TheFinancial Services Authority's statutory objectives: A. Market confidence—maintaining confidence in the UK financial system; B. financial stability—contributing to the protection and enhancement of stability of the UK financial system;C. consumer protection—securing the appropriate degree of protection for consumers;and D. the reduction of financial crime—reducing the extent to which it is possible fora regulated business to be used for a purpose connected with financial crime. And theFinancial ombudsman Service's work involves looking at complaints about a widerange of financial matters so as to maintain the market's confidence and educatepeople about the financial knowledge. So it is significant to our country to draw onthe FOS of U.K..The ombudsman scheme is not created by UK, therefore, in the present paper, thehistory of ombudsman is introduced at first, then to introduce the history ofombudsman in UK and sort out various ombudsmen in UK, prove the FOS is good forUK, Financial Ombudsman Service Ltd. in UK is introduced in detail regarding itsfounding background, responsibilities, operations and procedures for disputesresolution.The present paper points out the problems that exist in Chinese financial supervisionsystem. From the perspective of necessity and feasibility, our country's currentfinancial supervision needs to be reformed on the ground of FOS. For our country, the important issue is how to learn from the FOS. In the presentpaper, the crucial ways to draw on the FOS are to change the operation from SeparateOperation to Mixed Operation; to train the staff;and to establish the Self-regulatoryorganizationsAt last, this paper elaborates that our country could borrow the FOS in UK from thefollowing aspects: A. To enhance the independence of financial supervisions; B. Toheighten financial consumer duties; C. To strengthen the supervision over financiallaw enforcement. D. To adopt a definite major purpose and improve the serviceconsciousness.