Financial Ombudsman Service to be reviewed
by Kay Murchie
The Financial Ombudsman Service (FOS) is to undergo an independent review by the president of the Chartered Insurance Institute, Lord Hunt of Wirral. The review will cover aspects such as the honesty and accessibility of the service to its customers and stakeholders.
The review will also investigate whether the Ombudsman Service should be doing more for those it is intended to assist. The review is part of a programme under which the FOS board invites external scrutiny via 3-yearly independent reviews.
It is expected that Lord Hunt will complete his report in approximately 6 months after which he will present his discoveries and any personal recommendations, to the chairman and board of the FOS.
The FOS is the independent service for settling disputes between businesses providing financial services and their customers. Each year, many thousands of businesses and over half a million consumers have enquiries and complaints handled by the FOS.
Discuss this in the Finance Markets forums
Story link: Financial Ombudsman Service to be reviewed
Add to Bookmarks:
Related financial stories to: Financial Ombudsman Service to be reviewed
- The UK does not need a national financial advice service
- Estate agents’ ombudsman scheme postponed
- Estate Agents sign up to ombudsman scheme
- Estate agency ombudsman approved by Office of Fair Trading
- New equity release advice service from Just Retirement
- New credit card comparison service launched
- FSA launches money guidance website for young peopleA new website has been launched by the Financial Services Authority (FSA) which offers financial information for young adults.
- New £12 million money guidance service
- HSBC Premier Banking - not the best service around
- Faster Payments Service starts today
Previous: « Are you living in a home insurance hotspot?
Next: First-time buyers receiving financial help from grandparents »
Visited 477 times, 3 so far today