The Ombuds Blog: Autorité des Marchés Financiers Reports Jump in Cases

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.

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Organizational Ombuds serve as a confidential, independent, neutral and informal dispute resolution resource for a specific entity. They are accessible to a defined population and can advocate for fairness. These unique characteristics distinguish Organizational Ombuds from Classical Ombuds, mediators, arbitrators, and other alternative dispute resolution professionals. The term "Ombuds" is shorthand for "Ombudsman," "Ombudsperson" and "Ombuds Officer," which also are used widely.

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July 30, 2013

Autorité des Marchés Financiers Reports Jump in Cases

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