Financial Ombudsman Service
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The Financial Ombudsman Service (FOS) is an Ombudsman in the United Kingdom. The FOS was established in 2000, and given statutory powers in 2001 by the Financial Services and Markets Act 2000, to help settle disputes between consumers and UK-based businesses providing financial services, such as banks, building societies, insurance companies, investment firms, financial advisers and finance companies.[1]
In June 2022, Abby Thomas was appointed FOS Chief Executive and Chief Ombudsman, having come from Virgin Media O2 where she worked for around two years as its director for strategy marketing and transformation business.[2]
Overview
The Financial Ombudsman Service can deal with complaints from consumers about most financial matters including, for example: banking, insurance, mortgages, pensions, savings and investments, credit cards and store cards, loans and credit, hire purchase and pawnbroking, financial advice, stocks, shares, unit trusts and bonds.
From November 2009 money-transfer operators also came under the remit of the FOS.
Before the FOS can step in, the consumer must first give the business they are unhappy with the opportunity to look into the complaint itself – before the Ombudsman service can make a decision on the dispute. The business has a maximum of 8 weeks to resolve the complaint. If they do not resolve it within 8 weeks or the consumer is not happy with the response then they can refer the complaint to the FOS.
The Ombudsman has the authority to request or require a company to offer financial compensation, correct a consumer's credit file, or offer an apology, as a means of dispute resolution.
Processes
The Ombudsman makes decisions on the basis of what it believes is fair and reasonable in the particular circumstances of each case. In making decisions on individual complaints, the law requires the Ombudsman to take into account: relevant law and regulations; regulator's rules, guidance and standards; codes of practice; and (where appropriate) what he/she considers to have been good industry practice at the relevant time.
Funding
The Financial Ombudsman Service is funded by the UK's financial services sector through a combination of statutory levies and case fees. These are paid by financial businesses that are regulated by the Financial Conduct Authority (FCA) or licensed by the Competition and Markets Authority (CMA) and are automatically covered by law by the FOS. The payment of these statutory levies and fees is not optional and they are payable whether or not a complaint is upheld by the Financial Ombudsman Service. The service is free to consumers. Between 2006 and 2009 the FOS made use of case-handling services provided by Deloitte LLP, to handle the growing volumes of work generated by payment protection insurance complaints.
Impartiality
The Financial Ombudsman Service publishes the proportion of complaints it upholds in favour of consumers. Across all complaints in 2013/2014 the ombudsman found 58% in favour of consumers.
The FOS was set up by parliament to be an impartial and independent body, though its decisions can be criticised by the side that loses.
Independent commentators acknowledge that the FOS is a valuable free service for consumers – although those who feel they have "lost" a complaint might understandably feel let down and want to question the ombudsman's impartiality. Some consumers have questioned the amount of redress awarded by the ombudsman while many businesses expect the ombudsman to apply the compensation cap rigidly and lobbied against the increase (in January 2012) from £100,000 to £150,000 in the maximum compensation the ombudsman can tell a business to pay.
Various websites have been set up to complain about the Financial Ombudsman's partiality – usually by people who disagree with particular ombudsman decisions.
Panel of Ombudsmen
- Abby Thomas, Chief Ombudsman
- James Dipple-Johnstone, Deputy Chief Ombudsman
- Richard West, Director of Casework Policy
- Tim Archer, Ombudsman Director
- Pat Hurley, Ombudsman Director
- Rachel Lam, Ombudsman Director
- Clare Mortimer, Managing Ombudsman
- Vivienne Kelly, Ombudsman Director
- Abdul Ali, Ombudsman
- Abdul Hafez, Ombudsman
- Adam Charles, Ombudsman
- Adam Golding, Ombudsman
- Affroz Rasol-Ali, Ombudsman
- Ailsa Wiltshire, Ombudsman
- Aimee Stanton, Ombudsman
- Alan Millward, Ombudsman
- Alessandro Pulzone, Ombudsman
- Alex Brooke-Smith, Ombudsman
- Alex Newman, Ombudsman
- Alex Salton, Ombudsman
- Alexander MacDonald, Ombudsman
- Alexander Mann, Ombudsman
- Alison Gore, Ombudsman
- Amanda Maycock, Ombudsman
- Amanda Scott, Ombudsman
- Amanda Williams, Ombudsman
- Amber Mortimer, Ombudsman
- Amrit Mangra, Ombudsman
- Amy Osborne, Ombudsman
- Anastasia Serdari, Ombudsman
- Andrew Burford, Ombudsman
- Andrew Fraser, Ombudsman[3]
References
This page imported content from Wikipedia on 28 November 2023.Wikipedia is not affiliated with Wikispooks. Original page source here
