The Financial Ombudsman Service: Dr Jekyll or Mr Hyde?
FOS offers a simple dispute resolution service for consumers. It has the obvious advantages of being cheap, informal and relatively speedy compared to the court system.
However, over the years since it was created, decisions of FOS have had increasingly enormous financial and regulatory implications. The Courts have displayed a strong reluctance in judicial review cases to interfere with decisions of FOS, leaving it with substantial latitude.
Is FOS fit for purpose? It is hard to believe outcomes for consumers or industry would be improved by abolishing FOS. But is it well suited to making decisions with complex policy ramifications for consumers and industry? If not, how could one go about reforming it?
After a short presentation on the issues, Mark will lead a discussion of these crucial questions with participants in the session. This session is invite only with a limited capacity.
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