What is the Financial Ombudsman Service (FOS)?
The Financial Ombudsman Service (FOS) was set up to resolve disputes between consumers and firms. Its decision making is independent of FSA. The FOS provides a mechanism for resolving disputes which is a simple, informal and accessible alternative to the courts. Its compulsory jurisdiction covers complaints against authorised firms concerning their regulated activities and certain specified other financial services activities. It is provided free of charge to complainants. The FOS’s decisions are based on what is ‘fair and reasonable’ and are binding on firms if a complainant accepts them.
