What does the Financial Ombudsman Service (FOS) do?

The Financial Ombudsman Service (FOS) plays a vital role in the UK financial system by resolving disputes between consumers and financial service providers. This independent service allows individuals to raise complaints about issues such as mis-selling, poor service, or disputes regarding the suitability of financial advice they received. When a consumer feels that they have been treated unfairly by a financial institution, they can bring their case to the FOS, which will investigate and make a decision based on the evidence presented.

The function of the FOS is important for ensuring consumer protection and maintaining trust in the financial services industry. It provides an accessible mechanism for consumers to resolve complaints without the need for expensive legal proceedings, which encourages financial firms to treat their clients fairly. By offering an avenue for resolution, the FOS helps to ensure accountability in the financial services industry.

This focus on dispute resolution distinguishes the FOS from other entities that may regulate markets or provide financial products.