The Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) have jointly launched the Financial Markets Ombudsman Service (FMOS).
FMOS is a centralised dispute resolution center for financial consumers and investors nationwide.
It is a merger of the Ombudsman for Financial Services (OFS) and the Securities Industry Dispute Resolution Center (SIDREC), which aims to streamline financial dispute resolution by providing a one-stop platform.
The joint oversight by BNM and SC ensures alignment of regulatory standards and safeguards the interests of consumers, investors, and the financial industry.
FMOS offers independent and impartial mediation and adjudication services, acting as an alternative to the judicial system.
This streamlined process aims to provide quicker and more transparent resolutions for consumers and investors.
Recognising the increasing value of financial transactions, BNM has raised the monetary limit for eligible disputes to RM250,000, broadening the scope of protection for consumers.
This aligns with the existing eligible monetary limit for disputes involving investment accounts and transactions offered by capital market service providers regulated by the SC.
The change broadens consumer protection and access to free dispute resolution services.
FMOS can be contacted at 03-2272 2811 or visited online here.
Bank Negara Malaysia Governor Dato’ Seri Abdul Rasheed Ghaffour said,
“The establishment of FMOS reflects the ongoing commitment of Bank Negara Malaysia and the Securities Commission to enhance the efficiency and effectiveness of dispute resolution services.
This initiative not only strengthens consumer confidence but also reinforces the integrity and accountability of financial and capital market service providers, ultimately contributing to a more robust and trusted ecosystem.”
Securities Commission Malaysia Chairman Dato’ Mohammad Faiz Azmi said,
“FMOS simplifies the resolution process for financial consumers and investors by providing trusted one-stop platform.
This is especially important as the lines between financial and capital markets blur. FMOS also promotes consistent standards and decisions, strengthening trust in the system.”
