Ombudsman for Financial Services (OFS), [formerly known as Financial Mediation Bureau] was incorporated on 30th August 2004 and commenced its operations on 20th January 2005. OFS is the operator of the Financial Ombudsman Scheme (FOS) approved by Bank Negara Malaysia (BNM) pursuant to the Financial Services Act 2013 and the Islamic Financial Services Act 2013.
The FOS was launched on 1 October 2016. OFS is a non-profit organisation and functions as an alternative dispute resolution channel to resolve disputes between our Members who are the financial service providers (FSPs), licensed or approved by BNM and financial consumers.
Our mandate is to resolve disputes between financial consumers and financial service providers in an independent, fair and timely manner:
To be the trusted and well respected independent dispute resolution avenue for financial consumers
We are committed to providing an independent, trusted, efficient and quality alternative dispute resolution service to financial consumers and financial service providers.
Our operations are guided by the following principles: