Understanding Organisational Behaviour: Improving the Effectiveness of the Ombudsman for Financial Services
Muhamad Ikhwan Mohd Zain*, Nur Ezan Rahmat** and Ibtisam Ilyana Ilias**
Department of Law, Universiti Teknologi MARA (UiTM) Perak Branch, Tapah Campus, 35400, Tapah Road, Perak, Malaysia*
Faculty of Law, Universiti Teknologi MARA (UiTM) Shah Alam, 40450, Shah Alam, Selangor, Malaysia**
Faculty of Law, Universiti Teknologi MARA (UiTM) Shah Alam, 40450, Shah Alam, Selangor, Malaysia***
Abstract: The formation of the Ombudsman for Financial Services (OFS) as one of the Alternative Dispute Resolution (ADR) organisations is recognised as a scheme operator of the financial ombudsman scheme in Malaysia since 2016. Its principal role is a resolution platform for financial consumers and the financial service provider in resolving disputes that falls under its jurisdiction. While operating the financial ombudsman scheme, OFS need to follow the six guiding principles set by many international standards, which include independence, impartiality, secrecy, accessibility, fairness, and accountability. This paper aims to understand from the perspective of organisational behaviour on how the principles may be utilised in improving the organisation effectiveness. By adopting the doctrinal based research, the study highlighted that by increasing human capital and manpower, emphasising the standard criteria of an ombudsman officer and implementing strategies in online dispute resolution can serve as catalysts for fostering the positive transformation of OFS in Malaysia. This study hoped that it can make a vital contribution to the success of OFS as the most preferred resolution platform for the financial disputes by the Malaysia financial consumers after enhancing the effectiveness of the OFS in an evolving financial market.
Keywords: organisational behaviour, ombudsman, financial disputes, alternative dispute resolution, effectiveness, financial consumer
