What is the Financial Ombudsman Service?
The Financial Ombudsman Service [FOS] is a free service whose job is to settle complaints between consumers and businesses providing financial services. They are sanctioned by the government and act as impartial, independent financial experts (much like a judge would be if the case went to court). If they find a complaint is justified, they have the power to order matters to be corrected via the courts. The FOS is not a regulator or ‘watchdog’. Their job is simply to help settle disputes and ensure both sides receive a fair hearing before deciding whether action is required. The service is strictly confidential and at no point are names of businesses or customers publicised. The Financial Ombudsman Service can address a huge range of complaints from many financial areas including: • banking • insurance • mortgages • pensions • savings and investments • credit cards and store cards • loans and credit • hire purchase and pawnbroking • financial advice and • stocks, shares, unit trusts an
