The term ombuds has etymological roots in Scandinavian languages. In contemporary usage, the role has gained broad acceptance and can be found in public offices as well as in private organizations. The office is usually structured as an agency of the legislative body. In the public context, this means that an ombudsperson is constituted by the legislature and reports to the legislature. Independence from the executive and judicial branches of democratic societies is necessary for the functioning of the office, which investigates and reports findings with possible recommendations to the legislature. In a private organization, the ombudsperson has a similarly independent role and reports to the office that has regulatory powers at the highest level. Ombuds roles can be found at different levels in financial ...

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