The FOS is not perfect, but the alternatives are definitely worse

‘Peace of mind comes with a safety net, no matter how imperfect’

clock • 4 min read

Advisers don’t much like the Financial Ombudsman Service (FOS) and you can see why, Justin Cash writes…

If you as an adviser have done wrong by a client, the FOS is going to ask you to pay up.  It's an imperfect system. Recent stories like an adviser who lodged a complaint against advice they gave themself show that. The same week, one adviser called for FOS to be abolished entirely. That sounds like a simple solution but it is not the right one, for a whole host of reasons. One piece of a puzzle To start with, it's helpful to lay out exactly what FOS is, and what it is not. It does not make the rules. That is the Financial Conduct Authority's (FCA) job; to set out acceptable c...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 08 April 2026 • 1 min read
Data-driven or anecdotal? Examining FCA Consumer Duty board reports

Data-driven or anecdotal? Examining FCA Consumer Duty board reports

'Data is not a by-product of systems; it is a core governance asset'

Chris Davies
clock 27 March 2026 • 6 min read
FCA 'consistently behind the curve' on British Steel – Complaints Commissioner

FCA 'consistently behind the curve' on British Steel – Complaints Commissioner

Regulator hits back at Complaints Commissioner’s final report

Jenna Brown
clock 26 March 2026 • 3 min read