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.
According to the Financial Ombudsman Service, staff use their experience of dealing with front-line complaints to help the regulator with their role, where appropriate.
According to the Financial Ombudsman Service, so far as separate and independent roles allow, Fos liaises and co-operate closely with both the FSA and the OFT on issues that affect each other’s work.
One aspect of this is the joint co-ordination committee, which is attended by senior staff from all three organisations.
The purpose of this committee is to help identify emerging issues that could lead to widespread consumer detriment – and to co-ordinate each organisation’s separate response to these.
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