The Financial Ombudsman Service may not be familiar to many, but it could be a lifesaver for businesses. Adam Bernstein has the details
Hacked off with the bank over charges? Angered by an insurer’s refusal to pay a claim? What about a business credit card that’s had its terms changed?
These are all matters for a well-established but not necessarily that well-known official body, the Financial Ombudsman Service (FOS). With new powers granted from 1 April 2019, the FOS could well be a firm’s route to fighting big financial institutions – at no cost.
The Financial Ombudsman Service
The FOS is a free service, set up by Parliament to deal with complaints against any financial organisation. Costs are borne by the financial services sector out of levies collected by the Financial Conduct Authority and case fees.
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