The Treasury Committee questions the Chief Executive of the Financial Ombudsman Service
The Financial Ombudsman Service (FOS) adjudicates when there are disputes between consumers or a small business and their financial services providers. Where it finds wrongdoing, it can award compensation up to £415,000 and is funded through levies and fees on industry.
Meeting details
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The Chief Executive may be asked for their views on what works well within the FOS and what needs to be improved in the forthcoming year. Members may explore the FOS’s work with Small to Medium-sized enterprises (SMEs) and areas of SME coverage that are not being served in its current system, like hiring and leasing disputes.
The Chief Executive could also be asked about their expectations for caseload once the Authorised Push Payment Fraud (APP) reimbursement scheme is implemented in October. APP fraud refers to when fraudsters hoodwink someone into giving permission for a payment to be sent to another recipient from their bank account.
Complaints related to de-banking, FOS progress in reducing its backlog, And the impact of the FCA’s investigation into car finance on future complaints to the Ombudsman.