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

Dennis Hall's open letter to the FCA: Time to retire RU64

Dennis Hall's open letter to the FCA: Time to retire RU64

'The rule is particularly misaligned with client expectations'

Dennis Hall
clock 01 May 2025 • 2 min read
Complaints against financial services firms fall below 1.8 million

Complaints against financial services firms fall below 1.8 million

All major product groups saw fewer complaints

Sahar Nazir
clock 30 April 2025 • 2 min read
FCA backs artificial intelligence with live testing service

FCA backs artificial intelligence with live testing service

Wants AI to keep the UK competitive

clock 29 April 2025 • 2 min read