Banking Ombudsman(redirected from Banking Ombudsman Scheme)
Also found in: Acronyms, Wikipedia.
An institution that receives and deals with disputes related to banking and financial services. Examples of complaints an ombudsman might handle include non-payment of a check and refusal to honor a duly issued letter of credit. Banking ombudsman services exist in countries like the United Kingdom and India, though other nations have similar organizations.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved