Financial Ombudsman Service (FOS)

Who is the FOS?

The Financial Ombudsman Service (FOS) is an independent body responsible for managing complaints against financial institutions. They act as a mediator between banks or other financial bodies and consumers when unresolved complaints have been made against financial institutions.

The FOS was set up by Parliament in order to address consumer needs and handle in excess of a million enquiries each year.

They are not an industry regulator, so they do not establish rules for business or administer punishments or fines to organisations found to be in breach of these rules. This is the job of the Financial Conduct Authority (FCA).

The sole purpose of the FOS is to help resolve complaints between consumers and businesses. If a bank rejects your case then we may refer it to the FOS on your behalf to challenge this decision.

Any decision which the FOS reaches can be rejected and you can opt to take the case to court if you prefer. Accepting a decision made by the FOS makes it binding for both you and the business involved.

Please note if your claim(s) goes to the FOS, it does not mean that iSmart are no longer dealing with your claim. The Financial Ombudsman Service (FOS) is simply acting as a mediator for unsolved claims complaints.

What happens next if my claim is unsuccessful with the FOS?

If your claim is unsuccessful with the FOS then you are under no obligation to accept their decision. We will advise you accordingly on the merits of your case.

If you still feel you are entitled to compensation then you are entitled to pursue your case further. This must be conducted through the courts via legal proceedings. You will not require iSmarts assistance in these cases.

If you do choose to accept the decision made by the FOS then your agreement will become binding for both you and the bank or lender involved; so it is important that you consider it carefully.

We can appeal the decision made by the FOS on your behalf but this course of action is only recommended if additional information pertaining to your claim has arisen.