From left: Chairman of Securities Commision Datuk Mohammad Faiz Azmi, chairman of FMOS Tan Sri Foong Cheng Yuen and Bank Negara Deputy Governor Datuk Jessica Chew Cheng Lian officiating the launch of the FMOS at Sasana Kijang
KUALA LUMPUR: Bank Negara and the Securities Commission have launched the Financial Markets Ombudsman Service (FMOS), which serves as a centralised dispute resolution centre for financial consumers and investors nationwide.
According to a statement issued by the central bank, the FMOS is the product of a merger between the Ombudsman for Financial Services (OFS) and
the Securities Industry Dispute Resolution Center (SIDREC).
Inheriting the roles of the two entities, FMOS will serve as an alternative to the judicial system through the provision of independnet and impartial mediation and adjudication services.
The streamlined and consistent dispute resolution process would also enable quicker and transparent resolutions for consumers and investors, it said.
"The establishment of FMOS reflects the ongoing commitment of Bank Negara Malaysia and the Securities Commission to enhance the efficiency and effectiveness of dispute resolution services.
"This initiative not only strengthens consumer confidence but also reinforces the integrity and accountability of financial and capital market service providers, ultimately contributing to a more robust and trusted ecosystem," said Bank Negara governor Datuk Seri Abdul Rasheed Ghaffour.
Securities Commission chairman Datuk Mohammad Faiz Azmi added that the FMOS simplifies the resolution process for financial consumers and investors by providing trusted one-stop platform.
"This is especially important as the lines between financial and capital markets blur. FMOS also promotes consistent standards and decisions, strengthening trust in the system," he said.
Recognising the increased trend of the average value of financial transactions by consumers, Bank Negara has streamlined the monetary limit for eligible disputes involving financial accounts or transactions to RM250,000.
The central bank said the limit broadens the scope of protection, ensuring that more consumers can access free dispute resolution services.
This is consistent with the existing eligible monetary limit for disputes involving investment accounts and transactions offered by capital market service providers regulated by the SC.
