Criticism Financial Ombudsman Service

employees have left overwhelmingly negative reviews on glassdoor (with average rating of 1.9 out of 5), blaming decline in quality on recent changes in way organisation structured.
timeliness - in years since ombudsman service created, consumers, businesses , commentators have suggested ombudsman takes long @ complaints. in previous years, ombudsman has seen complaints topical financial matters take longer resolve others (notably, mortgage endowments , payment protection insurance (ppi) due sheer volume of complaints received service. ombudsman’s published annual review (2012/2013) showed 58% of disputes sorted out within 6 months – , 43% of non-ppi cases within 3 months.
questions impartiality due manner in re funded financial services, , many employees have worked financial services firms, solicitors make 38% of brethren. though ombudsman service upholds on 49% of complaints in favour of consumer, there have been complaints awards inadequate.
as ombudsman s decision final stage in service s process, consumers remain unhappy need pursue complaint through court. (however no alternative has been suggested.)
lack of fifteen-year long-stop: there no fifteen-year long-stop rule in complaints-handling rules made under financial services , markets act. in policy statement published in january 2003 – , following subsequent reviews – financial services authority (fsa) set out why there no fifteen-year limitation period in complaints-handling rules, stating: not consider in interests of consumers rule out possibility of complaints being dealt outside 15-year period apply court cases. nor consider necessary prevent hardship firms.




^ 10 of worst companies work in uk - according employees , telegraph, 4 july 2017 (retrieved 27 july 2017)
^ reviews of fos @ glassdoor
^ hosking, patrick; wighton, david (2011-05-27). said customer king? . london: business.timesonline.co.uk. retrieved 2011-12-05. 
^ annual review 2012/2013 . financial-ombudsman.org.uk. retrieved 2013-09-02. 
^ executive summary (pdf). retrieved 2011-12-05. have been asked equitable members action group (‘emag’) review nature of service provided financial ombudsman service (‘fos’) equitable life assurance society (el) complainant policyholders. 
^ financial ombudsman service board . financial-ombudsman.org.uk. 2011-10-18. retrieved 2011-12-05. 
^ questions in houses of parliament regarding financial ombudsman service . publications.parliament.uk. retrieved 2011-12-05. 
^ financial ombudsman service annual review 2009/10 . financial-ombudsman.org.uk. retrieved 2011-12-05. 
^ consumer factsheet on ... how deal case (pdf). retrieved 2011-12-05.