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 money and failed to meet its aim of "supporting competition and consumer welfare". Chief executive and chief ombudsman Caroline Wayman resigned from the service earlier this month after seven years leading the FOS. The IEA said she stepped down amid a mounting backlog of "complaints and controversy over levels of compensation". It added new leadership would be unlikely to change its pr...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
