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Jurisdiction(s):
United Kingdom
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Key definition
Financial Ombudsman Service definition

What does Financial Ombudsman Service mean? The Financial ombudsman Service (FOS) is the UK’s independent statutory alternative dispute resolution service for complaints by consumers and certain small organisations against FCA- and PRA-regulated financial services firms. It provides a free, informal forum to resolve banking, insurance, investment and pensions disputes without court proceedings. FOS operates the compulsory ombudsman scheme created by the financial services and markets act 2000, with scope, eligibility and procedure set mainly in the FCA Handbook (DISP) and supplemented by the Payment Services and Electronic Money Regulations and consumer credit legislation. Complaints are usually referred after a firm’s internal process has concluded, within...

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Financial Ombudsman Service remedies: awards (money, interest, costs), directions, CPI-indexed limits, consumer redress schemes and enforcement under FSMA 2000 and FCA DISP 3.7 (UK)

Practice notes
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Awards by the FOS

If a complaint made to the Financial Ombudsman Service (FOS) is upheld, the FOS can require a Respondent firm (the respondent) to pay compensation, costs and/or interest to the complainant, and/or can instruct the respondent to take any other steps the FOS deems appropriate in the circumstances. The applicable rules appear in DISP 3.7 of the FCA Handbook and derive directly from the relevant sections 229 and 230 of the Financial Services and Markets Act 2000...

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Web page updated on 21/05/2026

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