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money-transfer operators covered by the FSA and the ombudsman

From 1 November 2009 money-transfer operators have needed to be regulated by the FSA - and are automatically covered by the Financial Ombudsman Service.

This means that from this date, these businesses must have had in place in-house complaints-handling procedures that comply with the complaints-handling rules published by the FSA.

The ombudsman service has a range of information and support services available for businesses new to the official procedures they have to follow if a consumer complains.

how can I get more information about the complaints-handling procedures and the ombudsman?

There is a wide range of information for businesses on this website including:

what support does the ombudsman offer businesses?

As well as settling disputes, we help promote "complaints prevention". This involves working with businesses to identify and reduce problems that might otherwise lead to time-consuming complaints.

The free services we offer that will be of particular interest to money-transfer operators new to the ombudsman include:

engaging with money-transfer operators

We have organised and taken part in a number of initiatives, aimed specifically at money-transfer operators that came under the ombudsman from November 2009. These include:

  • providing speakers for the UK Money Transmitters Association conferences in London and Birmingham
  • speaking at Electronic Money Association and British Bankers Association events in London
  • speaking at seminars held by the FSA on the Payment Services Directive
  • meeting with money-transfer trade associations and major money-transfer operators
  • writing to all money-transfer operators to let them know about the free support services we offer

If you represent money-transfer businesses that will be covered by the ombudsman - and your association or trade body is organising an event that you'd like to invite us to take part in - please email full details to our external liaison team.