The Financial Ombudsman Service is an opaque consumer champion which ignores the law when reaching its verdicts. Not so, according to the FOS.
In its latest newsletter, the ombudsman attempts to separate fact from fiction by listing a number of 'myths' about how it operates, and then outlining the 'truth'. It says more than nine out of ten businesses it covers don't actually have complaints referred to it by their customers. But it says as these businesses have little or no direct contact with it, many tend to rely on what they hear about the FOS from others - rather than asking it directly. "This means that myths can circulate which may be several steps removed from the reality." Here are some of the myths the FOS say...
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