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From Adviser Guide:

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.

By Emma Ann Hughes | Published Mar 29, 2012 | comments

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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