KUALA LUMPUR: Consumers seeking redress for disputes with their financial service providers (FSP) may turn to the Ombudsman for Financial Services (OFS) instead of going to courts as the only option.
The OFS is an independent body set up in 2016 under the initiative of Bank Negara for alternative dispute resolution.
It is the first ombudsman organisation to embrace the private sector and is still the only one in Malaysia.
S. Kalyana Kumar (pic), the ombudsman for insurance and takaful at OFS, said services are free of charge.
“The resolution process is divided into two stages. It starts with case management where case managers try to negotiate or mediate to settle the case, failing which they will make a recommendation.