Notwithstanding these successes, there is a genuine concern that the Ombudsman’s Office lacks “teeth”. Upgrading the existing regime of financial consumer protection in Trinidad and Tobago requires that we expand the Ombudsman’s mandate and empower the Office. Ultimately, this will require a change in legislation from a voluntary scheme to one enshrined in law.
In the meantime, the Financial Services Ombudsman is preparing a Strategic Plan which would give consideration to: 1. Removing the current limitations in the scope of services for addressing complaints that come under the Ombudsman;  2. Expanding the Ombudsman’s mandate to have oversight over new financial institutions – Credit Unions, the Unit Trust Corporation, Pension Schemes and Mutual Funds;  3.