Channel 4’s Dispatches programme raised several concerns regarding the Financial Ombudsman Service (FOS). The FOS has made clear that its priority is to reassure its customers and stakeholders that they can trust the rigour and fairness of its decisions.
The FOS has committed to appoint an independent reviewer to look into all the allegations made by the programme.
The FOS is an independent non-governmental body. The Treasury has no role in appointing the independent reviewer, setting their terms of reference, including the scope of the review, or in setting the timeline for the review. This is the role of the FOS’s Board of Directors, which is appointed by the Financial Conduct Authority.