The Isle of Man will have its own financial ombudsman from early next year. The Isle of Man says the scheme will provide extra security for customers around the world who take advantage of the offshore centre.
The scheme will be open to individuals with a financial complaint against an Isle of Man firm that the firm has been unable to resolve. Awards of up to £100,000 can be made.
Chairman of the Office of Fair Trading Pamela Crowe says: “The Isle of Man has always gone the extra mile to ensure its standards of regulation are watertight. This is the final piece in the jigsaw.”