Process Flow Chart
Before filing an application for an ombudsman case with the FOI in accordance with the Financial Consumer Protection Act, a financial consumer shall first file a complaint with the financial services enterprise. The financial services enterprise is required to handle the matter appropriately within 30 days from receiving the complaint.
If the consumer is satisfied with the result, the dispute is resolved. If not, or the financial services enterprise does not respond within 60 days, the consumer can resort to the FOI to institute an ombudsman case.
After a financial consumer files an ombudsman case, FOI may initiate the mediation proceedings; once any party to the dispute declines to participate in the mediation proceedings, or reconciliation is reached during the mediation proceedings, FOI shall continue reviewing the ombudsman case.
In principle, an ombudsman decision shall be reached within 3 months of the application to institute an ombudsman case. If the financial consumer does not accept the decision, he/she may make an appeal to a court.
The process please refers to the Process Flow Chart.