The Financial Ombudsmen

| Total Words: 403

You may have heard of Ombudsmens before whereby an independent body resolves complaint and disputes. These have been around for many years.

The Financial Ombudsmen Scheme 2000 provides a service in which certain disputes may be resolved quickly and with the minimum of formality by an independent person. The FSOS aims not to punish firms for doing wrong but to put customers back in the position they would have been should situations not have gone wrong.

As from December 2001 the Financial Ombudsmen has taken over the following;

o The Personal Investment Authority Ombudsmen Bureau
o The Insurance Ombudsmen Bureau
o The Personal Insurance Arbitration Service
o The Office of the Banking Ombudsmen
o The Office of the Building Societies Ombudsmen
o The office of the Investment Ombudsmen
o The Financial Services Authority Complaints Unit
o The SFA Complaints Bureau

The above are now formed into one unit as the Financial Services Authority recognized that having such a fragmented structure of Ombudsmens operating in different ways was not providing an efficient service across the board and was lacking a consistent...

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