Financial Ombudsman Service
Last reviewed 28/11/2008: any recent updates in this colour.
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The Financial Ombudsman Service (FOS) combines eight existing Ombudsman schemes, including those for Banking, Building Societies, Insurance and the Personal Investment Authority (PIA). The official merger date was 30 November 2001 - the date when the FSA’s powers under the Financial Services and Markets Act came into force.
The FOS operates a "compulsory jurisdiction" which covers all regulated activities carried out by authorised banks and building societies and, additionally, all non-regulated activities which were formerly covered by the existing Banking and Building Societies Ombudsman Schemes.
The FOS also operates a "voluntary jurisdiction". Voluntary jurisdiction was previously open to lenders which are neither banks nor building societies and which therefore referred mortgage complaints to the old Mortgage Code Arbitration Scheme rather than to an Ombudsman. However, on 31 October 2004, all authorised mortgage lenders and mortgage intermediaries automatically came under compulsory jurisdiction.
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Each month, the FOS publishes Ombudsman News which provides a round-up of recent cases, news and "briefing notes" to the industry. Each edition concentrates on banking, investment or insurance complaints so that over the course of a year there are four editions concentrating on each of these three areas in turn. Copies of the recent and previous issues are available on the FOS website.
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Guides to "Working with the Ombudsman"
Issue No 69 of Ombudsman News announces the publication of two new industry guides on "Working with the Ombudsman" - one for larger businesses and one for smaller businesses.
