Regulate the Financial Ombudsman Service and remove its final decision powers

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Regulate the Financial Ombudsman Service and remove its final decision powers

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The FOS is the only avenue that consumers can follow without incurring legal fees to address unfair service by our financial institutions.
Many claims have been made that the decisions made by the FOS have been biased towards the banking institutions, rushed and not considered, not followed their own processes and regulations and not considered UK laws and statutes which protect the public.
Currently the FOS are exempt from defending their decisions because of their "Ombudsman's decision is final" ruling, This power needs to be removed and redistributed to more impartial investigators.
Recent findings byAnthony Speaight QC highlights the failings of this service.
The government needs to restructure and regulate the FOS removing its autonomy to make final decisions and restoring the consumer protection that it was designed to enforce.

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