Submitted on Tuesday 28th July 2015
Published on Thursday 30th July 2015
Current status: Closed
Closed: Saturday 30th January 2016
Signatures: 705
Tagged with
Require the Financial Ombudsman Service (FOS) to adhere to common law.
We the undersigned have no confidence in the Financial Ombudsman Service. It has a track record of issuing judgements that are contradictory, illogical and made with hindsight. We call for it to be subject to common law and for all its decisions to be approved by a suitably qualified Judge.
In July 2015 the high court overruled the FOS's upholding of fraudulent complaints against the Cirencester Friendly Society. That the matter went to court at all is symptomatic of the FOS's deluded belief in its own infallibility. Though not de jure a regulator, the FOS's powers and the way it uses them nevertheless make it the de facto financial services regulator. This is greatly to the detriment of both the industry and its customers, who ultimately pay for the FOS's capricious behaviour.
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