Financial ombudsman service 'unfit for purpose' says think tank

Mark Battersby
clock • 2 min read

The UK Financial Ombudsman Service (FOS) is unfit for purpose and needs major reform, according to the influential Institute of Economic Affairs (IEA) in a stinging report on 31 March. The free-market think tank said the ombudsman "acts against the interest of consumers as a whole" and choked market competition because of its bias towards larger firms. It was also failing to deliver on its primary objectives of "providing fair and reasonable resolution of disputes at speed" and "providing value for money and supporting competition and consumer welfare". The fairness of its decision...