Financial Services Ombudsman
(asked on 6th February 2019) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Government is taking to ensure the effectiveness of the Financial Services Ombudsman.
This question was answered on 11th February 2019
The Government has legislated to ensure the effectiveness of the Financial Ombudsman Service (FOS). Under the Financial Services and Markets Act 2000, the Financial Conduct Authority (FCA) is required to take such steps as are necessary to ensure that the Ombudsman is capable of exercising its functions and is empowered to make rules concerning the FOS. The FCA keeps those rules under review to ensure the continued effectiveness of the FOS. The FCA appoints all of the Non-Executives of the FOS Board (including the Chair, with HM Treasury’s approval). Furthermore, under the Financial Services Act 2012, HMT must lay the FOS’s annual report and accounts before Parliament, the FOS is made subject to statutory NAO audit and must publish reports of determinations. The continued effectiveness of the FOS is a key government priority, which is why on the 6th of February 2019 I visited the FOS to see for myself how it is preparing for the future.
The Government has legislated to ensure the effectiveness of the Financial Ombudsman Service (FOS). Under the Financial Services and Markets Act 2000, the Financial Conduct Authority (FCA) is required to take such steps as are necessary to ensure that the Ombudsman is capable of exercising its functions and is empowered to make rules concerning the FOS. The FCA keeps those rules under review to ensure the continued effectiveness of the FOS. The FCA appoints all of the Non-Executives of the FOS Board (including the Chair, with HM Treasury’s approval). Furthermore, under the Financial Services Act 2012, HMT must lay the FOS’s annual report and accounts before Parliament, the FOS is made subject to statutory NAO audit and must publish reports of determinations. The continued effectiveness of the FOS is a key government priority, which is why on the 6th of February 2019 I visited the FOS to see for myself how it is preparing for the future.