Terms of Reference

The Banking Services Ombudsman Scheme came into effect in May 2003 by an agreement signed by the Banking Services Ombudsman, the Central Bank of Trinidad and Tobago and the participating Financial Institutions (Six Commercial Banks) to adhere to the Terms of Reference which were established for operating the Scheme.

In May 2005, the participating insurance companies joined the scheme by an agreement which provided for similar arrangements. The Office was renamed the Office of the Financial Services Ombudsman.

The Terms of Reference set out the jurisdiction, powers and duties of the Office of the Financial Services Ombudsman, and provide a general statement of the procedures to be followed in filing a complaint against a Financial Institution.

For details see the Terms of Reference for commercial banks and Terms of Reference for Insurance Companies.

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