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Does the FSA consider individual disputes – how does the FSA interact with the Financial Ombudsman Service (“FOS”) in this regard?

April 26, 2017disputes financial FSA individual interact Ombudsman regard service

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Does the FSA consider individual disputes – how does the FSA interact with the Financial Ombudsman Service (“FOS”) in this regard?

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The FSA does not consider individual disputes; that is the role of the FOS, which is an independent dispute resolution scheme. The FSA is operationally independent of the FOS and therefore does not investigate or assess the FOS’s findings. More information about the FOS may be found on its website: www.financial-ombudsman.org.uk. Although the FOS is operationally independent of the FSA there is a memorandum of understanding (“MOU”) between the two organisations. The MOU provides a framework to enable us to co-operate and communicate constructively in carrying out our independent roles and separate functions. Under the MOU, the FSA and the FOS agree to consult each other and seek a complementary and consistent approach.