Banks, fund managers and insurance companies in Europe could soon be able to resolve international complaints in their industry far more quickly and cheaply if a new proposal for a pan-European financial ombudsman is accepted.

The Federation of European Stock Exchanges (FESE) has conducted an initial feasibility study into the creation of an ombudsman for the European financial services industry to mediate and solve cross-border complaints. The aim is to rationalise, speed up and reduce the cost of the current process in Europe for the financial services industry to resolve disputes in other European countries.