Ombudsman

AAA

DEFINITION of 'Ombudsman'

An official who investigates complaints (usually lodged by private citizens) against businesses, financial institutions and/or the government. An ombudsman can be likened to a private investigator; although the decision is not typically binding, it does carry considerable weight with those who are sanctioned to uphold the rules and regulations pertaining to each specific case. When appointed, the ombudsman is typically paid via levies and case fees.

INVESTOPEDIA EXPLAINS 'Ombudsman'

One high-profile case featuring an ombudsman, was the European Commission's antitrust action against Intel in 2009. After European Union antitrust regulators fined Intel over a billion dollars in May of that year, an ombudsman claimed that he had "found maladministration" in the commission's investigation of the chip maker. The ombudsman pointed out that the commission had failed to properly document a meeting with Dell Inc. in 2006 that was relevant to the case.

RELATED TERMS
  1. Restitution Payments

    The payment of punitive damages that are owed as a result of ...
  2. Rescission

    The right of an individual involved in a contract to return to ...
  3. Judgment

    A court order to the loser of a lawsuit to pay the winner a specified ...
  4. Heads Of Agreement

    A non-binding document outlining the main issues relevant to ...
  5. Perp Walk

    A slang term that describes the practice sometimes employed by ...
  6. Arbitration

    An informal hearing regarding a dispute. The dispute is judged ...
Related Articles
  1. Forex Fundamentals

    Why The Swiss Franc Is So Strong

    We look at the recent and historic strength of the Swiss franc, as well as recent actions by the Swiss National Bank.
  2. Savings

    Best (And Worst) Ways To Change Money In Europe

    Which are the cheapest– and most costly – ways to exchange money when you're in Europe? See if you made the right choices on your last trip.
  3. Personal Finance

    When Is It Cheaper To Fly To Europe?

    When can you fly to Europe for the lowest fares? Hint: You'll need gloves and a scarf.
  4. Taxes

    Is It Smart To Get Dual Citizenship?

    Does it ever make sense to be a citizen of the U.S. and somewhere else? Yes, so you can work minus a visa – not so much, if you get drafted into the army.
  5. Economics

    Could Ukraine's Debt Crisis Destabilize The EU?

    A financial crisis in Ukraine could be a bigger threat to European security than the current financial crisis in Greece.
  6. Economics

    Gas Dispute Poses Risks For Both The EU And Russia

    The Russia-Ukraine gas dispute has caused energy insecurity for the EU, which is seeking new gas suppliers, and market uncertainty for Russia's Gazprom.
  7. Retirement

    Expat In America: Visas To Retire In the U.S.

    It isn't easy for non-citizens to retire in the United States unless a family member is already a citizen. But some visas will allow for longer visits
  8. Mutual Funds & ETFs

    The Impact of the Janus Market Timing Ruling

    A look at the impact of the Janus Supreme Court ruling on market timing.
  9. Personal Finance

    Budget Travel: Europe's Cheapest Countries

    Even with a strong dollar, Europe is pricey. Head east and you'll find four EU countries that deliver scenery, adventures and culture at bargain rates.
  10. Options & Futures

    Get To Know These Crucial US Options Market Regulations

    How are options regulated in the U.S and which organizations are involved in options market regulations?

You May Also Like

Hot Definitions
  1. Asset Class

    A group of securities that exhibit similar characteristics, behave similarly in the marketplace, and are subject to the same ...
  2. Fiat Money

    Currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat ...
  3. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  4. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  5. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  6. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
Trading Center