Require the Financial Ombudsman Service (FOS) to adhere to common law.

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Petition Action

Require the Financial Ombudsman Service (FOS) to adhere to common law.

Petition Details

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.

Additional Information

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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