The Financial Ombudsman

(The weekly series - Pocket Money - where I explain financial basics in fewer than 200 words. Feel free to make suggestions!)

The Financial Ombudsman Service (FOS) is an independent organisation in the UK that resolves disputes between consumers and financial service providers such as banks, building societies, insurance companies, mortgage providers etc. 

It investigates complaints about a wide range of financial services including banking, insurance and investments, aiming to provide fair resolutions based on evidence from both parties. The Ombudsman’s decisions are binding.

If a consumer has a complaint they must first try and resolve it directly with the service provider directly and if that is unsuccessful they can then escalate the matter to the FOS. Complaints typically must be made within six months of receiving the final response from the financial provider, which should inform the consumer of their right to contact the Ombudsman.

The service is free for consumers, funded by the industry itself through levies and case fees.

Love Eleanor. xxx