Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) have launched the Financial Markets Ombudsman Service (FMOS), a centralised dispute resolution centre for financial consumers and investors nationwide. FMOS merges the Ombudsman for Financial Services and the Securities Industry Dispute Resolution Center, and will operate under joint oversight by BNM and SC to align regulatory standards while safeguarding the interests of consumers, investors and the financial industry. As an alternative to the judicial system, FMOS provides independent and impartial mediation and adjudication with a streamlined process aimed at quicker and more transparent outcomes. BNM also streamlined the monetary limit for eligible disputes involving financial accounts or transactions to RM250,000, broadening access to free dispute resolution services and aligning with the existing eligible monetary limit for disputes involving investment accounts and transactions offered by SC-regulated capital market service providers.
Bank Negara Malaysia 2025-01-17
Bank Negara Malaysia and Securities Commission Malaysia launch the Financial Markets Ombudsman Service as a single dispute resolution centre
Bank Negara Malaysia and the Securities Commission Malaysia have launched the Financial Markets Ombudsman Service (FMOS), a centralized dispute resolution center for financial consumers and investors. FMOS merges existing services under joint oversight to align regulatory standards and safeguard interests. It offers independent mediation and adjudication with a streamlined process, and the monetary limit for eligible disputes is set at RM250,000.