The GSD has expressed surprise at the announcement in Parliament yesterday that Dr Ron Coram will be the Financial Services Ombudsman.

The GSD says it whole-heartedly endorses Dr Coram’s appointment as the Public Services Ombudsman and that his impressive CV and long experience in public service will no doubt provide him with the required skill set for that important function.

A statement continued: “The Financial Services Ombudsman (FS0) is, however, a different role altogether. It is highly specialised in that it involves the investigation, mediation and determination of financial services disputes which in today’s world are becoming increasingly complex. This is particularly important given the economic downturn in the wake of Covid which could result in an increase of such disputes.”

The shadow Minister for Financial Services Mr Damon Bossino said: “The Financial Services Act, which creates the position of the FSO, gives him wide ranging and important powers such as, for example, the ability to award compensation or request disclosure of information and documents from parties to disputes. His determinations or directions are enforceable as if they were judgments or orders of the Supreme Court. Whilst we have every confidence that Dr Coram will be very competent in carrying out his role as the Public Service Ombudsman it is not apparent to us, on the face of his experience and track record, that he will be equally able to effectively do the FSO job without heavy reliance on outside, specialist help.

“It is obvious from the reply given to the GSD in Parliament yesterday that the Government in fact envisages heavy reliance on outside professional advice which defeats the object of the exercise. The appointed individual should already have available to him the required skills set to be able to discharge the functions himself.

“The decision to extend Dr Coram’s role to include that of the FSO has not been sufficiently thought through. It simply does not make sense and will place an unfair burden on him.”