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. Heads Of Agreement

    A non-binding document outlining the main issues relevant to ...
  3. Rescission

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

    A court order to the loser of a lawsuit to pay the winner a specified ...
  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 FAQS
  1. In what ways does Bayesian probability support the probability default model when ...

    During the European debt crisis, several countries in the Eurozone were faced with high structural deficits, a slowing economy ... Read Full Answer >>
  2. How do wholly owned subsidiaries operate in the European Union?

    Regulatory authorities in the European Union (EU) are suspicious of wholly owned subsidiaries, or at least their relationship ... Read Full Answer >>
  3. What nations other than the U.S. have risk-free interest rates?

    Countries other than the United States that have risk-free interest rates are Canada, the European Union, Japan, the United ... Read Full Answer >>
  4. How do value-added taxes work in the European Union?

    A value-added tax (VAT) in the European Union functions in much the same way as a VAT in any other legal jurisdiction. VAT ... Read Full Answer >>
  5. What are the most common market indicators to follow the European stock market and ...

    Market indicators can be used by technical analysts to measure the movements of major exchanges or indexes. Almost all market ... Read Full Answer >>
  6. Are the laws on delivery duty paid different in every country?

    Laws and regulations on delivery duty paid (DDP) vary between countries, but they are overall very similar. Regulations regarding ... Read Full Answer >>
Related Articles
  1. Economics

    Healthiest And Safest European Economies

    Economic indicators are to economists what symptoms are to doctors: signs of the relative well-being of the patient.
  2. Forex

    Will Greece Ever Pay Off Its Debt?

    Greece's ability to pay off its debt has less to do with having enough assets and more to do with the benevolence of its creditors.
  3. Economics

    Countries Most Affected By A Strong U.S. Dollar

    The U.S. dollar is still the most important currency in the world. It's used for trade, foreign reserves, and as a substitute for the gold standard. As the U.S. dollar continues to grow stronger, ...
  4. Economics

    Why These European Countries Don't Use The Euro

    The euro is a common currency of the European Union. Yet, many EU countries don’t use the euro. Investopedia explores why.
  5. Economics

    Explaining the Glass-Steagall Act

    An act the U.S. Congress passed in 1933 as the Banking Act, which prohibited commercial banks from participating in the investment banking business.
  6. Investing

    Who's Banning Facebook Now?

    Facebook may have over one billion monthly users, but there are many countries, including China, where the social media giant is banned.
  7. Economics

    What Are The Advantages Of Not Adopting The Euro?

    European Union countries that do not use the euro have a few advantages over eurozone countries. Investopedia explores how.
  8. Investing

    Why Facebook is Banned in China

    Tight controls imposed by China have resulted in the ban of several foreign social media sites, like Facebook, but how did this come about?
  9. Investing

    REITs 101: How They're Regulated

    Here's everything you need to know about REITs in less than five minutes.
  10. Economics

    Is Germany Carrying The European Economy?

    Germany has been widely viewed as the economic catalyst and stabilizer for the European Union and for good reason.

You May Also Like

Hot Definitions
  1. Net Worth

    The amount by which assets exceed liabilities. Net worth is a concept applicable to individuals and businesses as a key measure ...
  2. Stop-Loss Order

    An order placed with a broker to sell a security when it reaches a certain price. A stop-loss order is designed to limit ...
  3. Covered Call

    An options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset ...
  4. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
  5. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  6. Moving Average - MA

    A widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random ...
Trading Center