Financial Ombudsman Service – FOS

The Financial Ombudsman (FOS) was established in 2000 in order to mediate in UK disputes between consumers and UK business providing financial services (banks, building societies, insurance companies, investment firms, financial advisers and finance companies). Although established by the UK parliament, it has the status of an independent official body. It was given statutory powers by the Financial Services and Markets Act 2000.

The FOS board is appointed by the Financial Conduct Authority (FCA) and the appointment of the chairman is approved by HM Treasury. The board’s role includes guarding the independence of the ombudsman (from undue influence by the financial services industry and trade bodies, regulators, consumer groups and government). Board members are non-executive. The board has no involvement in individual complaints.

The FOS has legal power to adjudicate on individual complaints or complaints from small businesses and charities with a turnover of under €2 million (about £1.65 million) and fewer than 10 employees. Since 2009 the FOS has been publishing complaints on its website concerning named individual businesses.