KUALA LUMPUR, Feb 5 (Bernama) -- The Financial Market Ombudsman Service (FMOS) has received 3,253 complaints, with 2,268 disputes successfully resolved through mediation and adjudication since it began operations on Jan 17, 2025.
The Ministry of Finance (MoF) disclosed this in a written reply to the Dewan Rakyat, which was published on the Parliament’s website today.
The ministry was responding to a question from Chong Chieng Jen (PH-Stampin) on the legal authority of FMOS and how it is funded.
The MoF said that, in general, complaints received are resolved on a case-by-case basis and the dispute resolution process is estimated to have saved costs of about RM34.02 million, which complainants might otherwise have had to bear if cases were brought to court.
“The government takes note of this and wishes to stress that it is committed to ensuring FMOS operates in a transparent, fair, and effective manner to protect consumer rights.
“Although FMOS is funded by the industry, it operates independently without interference from Bank Negara Malaysia or the Securities Commission Malaysia, with adjudication decisions made in accordance with FMOS rules,” it said.
The MoF also said that the majority of board members and adjudicators are independent and have no interests in the financial industry, in order to ensure the integrity and transparency of the dispute resolution process.
-- BERNAMA
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