Guide to the ombudsman

Published by FTAdviser | Oct 08, 2011

What happens when a client is unhappy with the way you handle their call for compensation?

How can you make sure your encounter with the Financial Ombudsman Service is brief and satisfactory?

This guide explains how the ombudsman handles IFAs, with answers to frequently asked questions supplied by the Financial Ombudsman Service.

Q: What is the difference between the FSCS and Fos?
Q: How is the Financial Ombudsman Service funded?

The ombudsman service is funded in two ways – through individual case fees and levies paid by businesses covered by the ombudsman service.
Q: How does the ombudsman gather complaints?

The Financial Ombudsman Service does not go out seeking complaints.
Q: Does Fos contact IFAs about complaints?

When a consumer contacts the Financial Ombudsman Service helpline with an initial enquiry or complaint, the business in question is contacted.
The process is exactly the same regardless of whether the consumer has brought the complaint themselves or via a third party.
Q: How does the ombudsman deal with IFAs?

The Financial Ombudsman Service looks at complaints about IFAs in exactly the same way as any other financial business.
Q: What does Fos expect from IFAs?

According to the ombudsman, it is really helpful to receive all relevant information at the start of the process – this is key to getting to the...
Q: How does the ombudsman decide on a complaint?

In 2010 the ombudsman service resolved half of all non-payment protection insurance complaints within three months – and three quarters within six...
Q: How does Fos work with the FSA?

The ombudsman service has a responsibility to let the regulator know if it sees any systemic or widespread issues.