FCA told to review FOS oversight

The financial regulator has been urged to review how it monitors the Financial Ombudsman Service (FOS) and provide further information about its oversight of the service.

In a decision published on its website last week the Complaints Commissioner ruled in favour of the Financial Conduct Authority in an allegation of “systemic failure” at the ombudsman, a service over which the regulator has an oversight role.

The complainant claimed they had been “persecuted and discriminated against” by the FOS after making a complaint to the service and escalated their concerns to the complaints commissioner after the FCA did not uphold the complaint.

Source: Financial Times Adviser
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