Financial Ombudsman Service—voluntary jurisdiction


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

Financial Ombudsman Service—voluntary jurisdiction


Published by a ³ÉÈËÓ°Òô Financial Services expert

Practice notes
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The Financial Ombudsman Service (FOS) has two areas of Jurisdiction:

  1. •

    the compulsory jurisdiction (ie the jurisdiction of the FOS to which firms authorised by the Financial Conduct Authority (FCA), payment service providers, electronic money issuers and certain others are compulsorily subject), and

  2. •

    the voluntary jurisdiction (ie the jurisdiction of the FOS for those businesses which are not covered by the FOS' compulsory jurisdiction but which would like to join the FOS’ jurisdiction and participate by contract)

Both ‘compulsory jurisdiction’ and ‘voluntary jurisdiction’ are defined in detail in the Glossary to the FCA Handbook.

The voluntary jurisdiction of the Financial Ombudsman Service (FOS) is dealt with in Chapters 2 and 4 of the FCA’s Dispute Resolution: Complaints Sourcebook (DISP) rules, and is set out under section 227 and Schedule 17, Part IV of the Financial Services and Markets Act 2000 (FSMA 2000).

Under FSMA 2000, s 227(1)–(2), the FOS can consider a complaint which relates to an act or omission of a firm (the respondent) in carrying on an activity to which voluntary jurisdiction rules

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Jurisdiction(s):
United Kingdom
Related legal acts:
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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