The Financial Ombudsman Service (FOS)
The Financial Ombudsman Service (FOS) was established in 2001 from the Financial Services and Markets Act 2000 and is set out to be an ‘impartial and independent’ body. This ombudsman was set up to aid and help in settling disputes between consumers and UK financial service providers, it is free to consumers. The FOS is funded entirely through a combination of statutory levies and fees that is places on companies regulated by the FSA or the Office of Fair Trading (OFT).
The FOS will take into account all information before making a full and final decision.
The information that is used for consideration includes:
- Regulator’s rules, standards and guidance
- Codes of Practice/s, i.e. Banking Code
- Applicable laws/practices
- Industry practice at the given time
The key aims, roles and objectives of the FOS:
- Providing a fair and impartial service to help settle disputes
- Settling disputes in a timely manner with minimum formality
- Putting the consumer back to their original financial position, in circumstances where complaints are upheld
- Ensuring that the final decision by itself is upheld by the financial provider; consumers can still choose to use the court system if they are not satisfied with the decision
Provided by the FOS (Financial Ombudsman Service).