Submitted on Wednesday 7th January 2015
Published on Tuesday 20th January 2015
Current status: Closed
Closed: Monday 30th March 2015
Signatures: 2
Tagged with
Make the Financial Ombudsman Service follow the Law
Create a new set of rules that orders the Financial Ombudsman Service (FOS) to review Consumer Complaints taking into account the Law.
At the present time the FOS can disregard the Law when investigating current complaints. For an example, if a lenders terms and conditions of a consumer credit agreement state they can charge you £50 a day for late payment, as long as the lender has followed the Agreement, the FOS will not uphold a complaint that they are unfair or unlawful.
The FOS can make up their own rules as they go along and defeats the purpose for what it was set up to do: An Informal Alternative to court with no time constraints where you do not have to meet the other side.
The Adjudicators are untrained, very few with any sort of Legal Qualifications and come from a variety of backgrounds including Finance and Banking.
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