FOS

The Financial Ombudsman Service (FOS) has warned it will demand compensation awards from businesses for non-financial errors if they are deemed to have failed vulnerable clients by "rigidly applying rules".

The Financial Ombudsman Service (FOS) has listened to industry complaints about the burden of regulatory cost and cut its budget by 11% for the coming year.

The proportion of complaints against advisory groups found in favour of the consumer is significantly below the average for the sector, the Financial Ombudsman Service's (FOS's) latest data shows.

The Financial Conduct Authority (FCA) has said it will look to take even earlier pre-emptive action against what it believes is bad practice in a bid to counter accusations from the industry that it unfairly employs retrospective regulation.

The Financial Ombudsman Service (FOS) is to make further cuts to its operating budget in the coming financial year and has frozen its levy at £23.3m.

The Financial Ombudsman Service (FOS) has ruled out charging "nominal" fees to complainants, agreeing with Parliament's view the service must be free to ensure the public's confidence in it.

Financial Conduct Authority (FCA) technical specialist Rory Percival has denied there are "significant" differences in what the regulator thinks is adequate due diligence undertaken by firms and how the ombudsman finds in dispute cases.

The Financial Ombudsman Service (FOS) is determined to shed its reputation as an anti-adviser body, its chief executive has said.

The dominance of mis-selling claims about protection products remains an issue for the industry, the Financial Ombudsman's Melissa Collett has warned.

Receiving a letter from the ombudsman saying a customer has made a complaint does not mean a case has been opened, the Financial Ombudsman Service (FOS) has advised.