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CIFO Future Funding Structure Options

Consultation Paper 11

CIFO Future Funding Structure Options

Issued: 5 December 2017

A: This consultation paper

This consultation paper is part of a multi-stage process to develop a new funding structure for the Channel Islands Financial Ombudsman [‘CIFO’] that will apply from 1 January 2019. In the first stage, we held a series of meetings with stakeholders, in order to remind them of the existing funding structure and to help identify their views of the relevant issues. These meetings were attended by 61 individuals from 49 organisations

In the second stage, we issued a discussion paper that summarised the existing structure, suggested some principles and set out a broad range of options. We received formal written responses from nine organisations, with one of them submitted on a confidential basis.

In this, the third stage, we report back on the views expressed by stakeholders and set out a narrower range of options that are informed by those views. • Section B of this consultation paper gives an overview of the issues. • Section C explains how to respond to the consultation. • Section D summarises the background (CIFO’s role and relevant legislation). • Section E sets out emerging themes. • Section F sets out emerging options. • Section G poses a series of specific questions. • Section H explains the next steps. • Annex 1 shows illustrative high-level options for a new CIFO funding structure. • Annex 2 covers additional issues that apply irrespective of the illustrative options. • Annex 3 provides CIFO’s formal responses to the Discussion Paper.

In the fourth stage, in the light of the views expressed on this consultation paper, we will issue a further consultation paper that proposes a single future model for consideration.

Click here to read the whole document.



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