Financial Ombudsman Service—essentials


Published by a ³ÉÈËÓ°Òô Financial Services expert
Practice notes

Financial Ombudsman Service—essentials


Published by a ³ÉÈËÓ°Òô Financial Services expert

Practice notes
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Purpose of the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an independent Dispute resolution scheme that exists to assist consumers in resolving complaints with financial services firms.

The FOS provides independent ombudsmen who review and resolve complaints between consumers and firms.

The FOS is not a regulator. The service provided by the FOS is impartial, and its decision-making is wholly independent from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). Its service is free of charge for complainants, and its jurisdiction covers dealing with complaints about the vast majority of regulated financial products and services, provided in or from the UK. The Dispute Resolution: Complaints (DISP) section of the FCA Handbook sets out in detail the role, jurisdiction and procedures of the FOS. For more information on the FOS and complaints against firms in general see Practice Notes: Complaints against firms—financial services—overview and Complaints handling by financial services firms.

Scope of the Financial Ombudsman Service's jurisdiction

The basis of the FOS’ powers is set out in FSMA 2000, Pt XVI, and the scope of

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Jurisdiction(s):
United Kingdom
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Key definition:
Financial Ombudsman Service definition
What does Financial Ombudsman Service mean?

Under the Financial Services and Markets Act 2000 (FSMA 2000), the 'Financial Ombudsman Scheme' or 'FOS' refers to a scheme under which certain disputes may be resolved quickly and with a minimum formality by an independent person.

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