Summary of the Ombudsman's Report 2009

116 ombudsmann der privaten banken – tätigkeitsbericht 2009
but also taking into account future European Commission requirements.
In addition, the Association played a constructive
role in introducing the written record of investment advice
that banks have been required to provide to customers since
January 2010.
The financial crisis naturally also had a significant impact on
the work of the private commercial banks’ ombudsmen dur ing
the year under review. The number of complaints rose sharply
in the final quarter of 2008, shortly after the collapse of Lehman
Brothers. This trend continued throughout 2009, leading
to the largest number of complaints handled by the Ombudsman
Scheme since its inception. By far the most com plaints
concerned investment advice. Here, the ombudsman has to
decide objectively and unemotionally whether a financial loss
incurred by a customer in an individual case was due to wrong
advice provided by the bank. As an independent third party,
the ombudsman has to consider the facts of the case presented
by both parties impartially, and assess the arguments
from a legal standpoint. This is the basis for the ombudsman’s
decision. Re-examination of the dispute in the ombudsman
proceedings helps each party to better understand the other’s
arguments and offers the chance to renew the relationship of
trust between them through the services of the ombudsman
as an independent third party.