Definition ∞ A Financial Ombudsman is an independent body that resolves disputes between consumers and financial services firms. It provides a free and impartial service to help settle complaints that cannot be resolved directly between the parties. The Financial Ombudsman Service operates across various financial sectors, offering a mechanism for redress when consumers believe they have been treated unfairly or have suffered a loss due to a firm’s actions or inactions. Its decisions are binding on firms within its jurisdiction.
Context ∞ The role of the Financial Ombudsman becomes particularly relevant in crypto news when disputes arise between retail investors and crypto exchanges or service providers operating within regulated jurisdictions. While many crypto platforms operate outside traditional regulatory frameworks, entities that fall under the purview of such ombudsman services may offer a recourse for customers facing issues with asset custody, transaction processing, or account management. The scope of its jurisdiction over crypto-related complaints is a subject of ongoing debate and regulatory development.
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