Malaysia Introduces Centralised Financial Dispute Resolution Service

​Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) have jointly launched the Financial Markets Ombudsman Service (FMOS), a unified dispute resolution platform for financial consumers and investors.

FMOS consolidates the functions of the Ombudsman for Financial Services (OFS) and the Securities Industry Dispute Resolution Center (SIDREC). This integration aims to provide an efficient and streamlined process for addressing disputes within the financial and capital markets.

The central bank has raised the monetary threshold for eligible disputes involving financial accounts or transactions to MYR250,000, ensuring broader coverage for affected parties.

With oversight from both BNM and SC, FMOS is designed to align regulatory standards while protecting the interests of consumers, investors, and the financial industry. This collaborative approach is expected to enhance the efficiency and effectiveness of dispute resolution services.

"This initiative not only strengthens consumer confidence but also reinforces the integrity and accountability of financial and capital market service providers, ultimately contributing to a more robust and trusted ecosystem," said Bank Negara Malaysia Governor Dato' Seri Abdul Rasheed Ghaffour during the launch.