Independent reviewer largely exonerates FOS

Appointed after Dispatches investigation

Victoria McKeever
clock • 3 min read

Independent reviewer Richard Lloyd has rejected many of the allegations made against the Financial Ombudsman Service (FOS) in the Channel 4 Dispatches documentary that aired in March.

In the report, published today, Lloyd concluded: "I have found that the FOS provides an effective and essential service for many thousands of people. "It is important that more consumers use the FOS, knowing that it is not institutionally biased against them, while realistic about its limitations and aware of their right to escalate complaints. "But to retain public confidence the FOS must work hard to continuously improve the service it provides for consumers and businesses." Lloyd, the UK chair of resolution service Resolver, was appointed to conduct an independent review of the ...

To continue reading this article...

Join Professional Adviser

  • 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.



Already a Professional Adviser member?


More on Regulation

FCA clamps down on marketing of cryptoassets

FCA clamps down on marketing of cryptoassets

Includes a 24-hour cooling-off period for first time investors

clock 08 June 2023 • 4 min read
Be careful what you wish for on crypto regulation

Be careful what you wish for on crypto regulation

Shutting the stable door after the horse has bolted

Laith Khalaf
clock 07 June 2023 • 3 min read
Caroline Rainbird

FSCS levy demand for 2023/24 'significantly' cut to £270m

Updated levy is £208m lower than the forecast published in November 

Jenna Brown
clock 25 May 2023 • 3 min read