Financial Ombudsman Service

The free and independent Financial Ombudsman Service (FOS) – which settles disputes between UK-regulated financial companies and consumers – could be reformed in future, the Government has announced. But it's still very early days – for now, there are NO changes to how the Ombudsman works and you can still escalate your complaint to the service as usual.

The Financial Ombudsman Service has received about 3,500 coronavirus-related complaints so far this year – and issues with travel insurance providers were the most common.

The number of complaints against payday loan firms soared by 130% in the past year, new figures from the financial watchdog show. But the majority of claimants are using claims management firms, meaning they won't get the full compensation payout if successful. If you've been mis-sold, here's how to claim for free.

Unhappy customers who have used claims management firms will be able to escalate their complaints to the financial ombudsman from today, as the sector will now be regulated by the Financial Conduct Authority. 

Around nine out of 10 TSB customers who complained about the bank to the Financial Ombudsman Service won their case, figures released today reveal. 

Consumers will be able to be awarded up to £350,000 in compensation when they complain to the financial watchdog from next month – an increase from the current maximum of £150,000.

The financial regulator has published a new set of rules for claims management companies, including providing customers with more transparent fee information and telling them about free alternatives. 

Scammers are pretending to be from the Financial Ombudsman Service to try and trick victims into handing over personal information, the watchdog has warned.

First Direct has agreed to change the way it reports mortgage overpayments to credit reference agencies after a customer argued it may have stopped him getting a credit card, MoneySavingExpert can reveal.

The number of complaints about high-cost credit has reached its highest level on record, according to new figures from the Financial Ombudsman Service (FOS).