Dealing with The Financial Ombudsman Service can at times be challenging however in our experience they are generally fair and balanced. However there are times when it is necessary to question their decisions.
When it comes to complex matters like Pension, Investment or Financial Adviser Claims it can be very challenging for consumers to know their rights. We have often had decisions over turned, however in some cases where FOS are unable to make a ruling, you can come to a solicitor like us to see if there may be some merit in escalating your complaint via the courts.
On Monday, it was revealed that Emma Reynolds, the Economic Secretary to the Treasury, will lead this evaluation.
Reynolds has been charged with determining whether the FOS is fulfilling its designated purpose as a straightforward, unbiased mechanism for resolving disputes, and whether it is operating in sync with the Financial Conduct Authority (FCA).
Since taking office in July of last year, both Prime Minister Keir Starmer and Chancellor Rachel Reeves have expressed dissatisfaction with certain aspects of the nation’s regulatory bodies, suggesting that some are stifling economic progress.
According to the government’s statement, “The Economic Secretary will pay particular attention to various issues highlighted during our consultation on the strategy for growth and competitiveness.”
The review will focus on three key points, including “the operational framework of the FOS, which has occasionally led to it functioning as a quasi-regulatory body.”
Additionally, it will explore “whether the FOS is judging past actions by contemporary standards” and whether certain compensation practices have organically developed and expanded over time.
The government emphasised its preparedness to introduce legislation “to guarantee that the UK’s dispute resolution system is suitable for a modern economy.”
The FOS has faced significant controversy this year, notably after its chief executive abruptly resigned in February amid debates over its perceived strictness.
For many people, dealing with the FOS is too stressful and too demanding on their time which is when they instruct representatives like us.
We have even had cases where people have complained to FOS, only to find it should have been a complaint made to the Financial Services Compensation Scheme (FSCS) or even The Pensions Ombudsman Service (POS).
It’s also worth noting that unlike FSCS where compensation is paid directly, after a FOS ruling you still have to arrange settlement from the provider, this can be challenging, especially when dealing with smaller firms who may not be covered by their Professional Indemnity Insurer.
The great news is, that with a No-Win No-Fee service, means you get the benefit of a professional service without any risk
We identify who’s responsible, understand where to claim and deal with the entire claim from start to finish.
Have a complaint against a regulated party? Get in touch today
