Who are the Financial Ombudsman Service?
If you are not happy with the outcome of the complaints from a financial firm. It could be from a debt advice service such as Youth Legal, you can take your complaints to the Financial Ombudsman Service (FOS). FOS is the independent, free-to-use UK body that settles disputes between a customer and financial services businesses. It acts as a fair and impartial alternative to going to court and has the power to make legally binding decisions on financial firms.
The primary role of the FOS is to resolve your complaints where you have been unable to reach a satisfactory resolution directly with your financial provider. Who are are they?
Impartial Dispute Resolution: The ombudsman investigates complaints by assessing the case based on what is fair and reasonable in the circumstances, taking into account relevant laws, regulatory rules (set by the Financial Conduct Authority - FCA), and good industry practice at the time of the event.
Broad Jurisdiction: The service can look at your complaints about a wide range of financial products and services, including bank accounts, credit cards, mortgages, pensions, investments, and insurance.
Power to Enforce Decisions: If a complainant accepts the ombudsman's final decision, it becomes legally binding on the financial firm, which must comply promptly.
Consumer Protection & Redress: The FOS can order firms to provide appropriate redress, which may include financial compensation for losses incurred, inconvenience, or distress, with the goal of putting the consumer back in the position they would have been in had the error not occurred.
How to Use the Service
Before the FOS can get involved, you must first complain directly to the financial company and give them a chance to resolve the issue (usually up to 8 weeks). If you are not satisfied with their final response, you can then escalate your complaint to the FOS.
You can start your complaint via the Financial Ombudsman Service website. The service is entirely free for consumers to use.
Get help
If you need advice about your situation, we can help for free.
- Email: info@youthlegal.org.uk
- Phone: 020 3195 1906 (Mon to Fri, 10am to 6pm)
- Contact form: youthlegal.org.uk/contact-us
All our advice is free and confidential.