31 March 2021
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IEA says "major reform" is needed at the FOS
The Financial Ombudsman Service (FOS) has been branded unfit for purpose in a scathing report from the Institute of Economic Affairs (IEA) which questions the fairness of its decisions and says the organisation is failing consumers.
The think tank's report said the FOS needs "major reform" and is not meeting its primary objectives of providing fair and reasonable dispute resolution at speed. It also said it was not good value for...
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