July 30, 2013

Autorité des Marchés Financiers Reports Jump in Cases

AMF, the independent Ombuds for Frances financial markets, said that cases rose 15% in 2012 -- coinciding with a new strategic focus. Marielle Cohen-Branche, the AMF Ombudsman, said that her office received 747 last year. More than have of the cases, 382, were resolved by mediation.  AMF practices to IOA standards. 

According to a press release, AMF initiated three strategic changes in 2012:
A recommendation is now issued for each case examined on its merits, making mediation a genuine source of solutions. This was the major change seen in 2012.
The waiting period for redirecting retail investors for queries outside the jurisdiction of the AMF Ombudsman has been reduced from several weeks to a few days.
Increased visibility of the existence of the AMF Ombudsman and her role. Since September 2012, in particular, details concerning the existence of and access to the relevant mediator are included in all letters relating to service providers who refuse to satisfy a customer's complaint.
Related posts: AMF Ombuds Resolves Conflicts in the French Financial Sector.

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