Both these factors underscore the need for mechanisms for lodging complaints and seeking redress. Our very short experience with the Banking Services Ombudsman has been very positive. For example, the data for 2004 shows that the number of eligible complaints received by the Ombudsman’s Office fell compared with the previous year.
One possible reason is that the establishment of the Office prompted banks to strengthen their internal mechanisms and to resolve complaints earlier to avoid having cases referred to the Ombudsman. If this is indeed so, we have much to look forward to, with the expansion of the scheme to the insurance companies.