Ask the experts: Financial Ombudsman Service

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The Financial Ombudsman Service, which arbitrates on disputes between financial services firms and their clients, now has the power to order firms to pay as much as £350,000 in compensation to a wronged client. FS Legal’s Gareth Fatchett explains the impact it will have on firms and consumers What is the Financial Ombudsman Service (FOS)? It’s an arbitration scheme for when people have disputes with financial services firms that are still trading. The results of the arbitration are binding on the participants and the FOS charges the firm that has a complaint against it for administering that complaint. The complainant…

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The Chartered Institute for Securities & Investment is the leading professional body for securities, investment, wealth and financial planning professionals. Formed in 1992 by London Stock Exchange practitioners, we have a global community of circa 40,000 members in 116 countries and last year more than 40,000 CISI exams were sat in 80 countries, 15,000 taken outside the UK.

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