Fair and reasonable: reforming dispute resolution

The Credit Services Association (CSA) has released a comprehensive report highlighting the urgent need for reform of the Financial Ombudsman Service (FOS).

The paper discusses how FOS - which was originally established to provide quick and informal dispute resolution - has grown into a costly and quasi-regulatory body, creating significant challenges for the functioning of the financial services sector.

Read more on the critical areas for the reform of FOS

View the report
CSA Man White

A comment from our CEO
Chris Leslie Staff Photo

Chris Leslie

CSA CEO
“FOS is now an enormous institution, with over 2500 staff and a £278m budget, five times the size of a typical district council. The review being conducted by the Treasury and reporting this summer ought to consider amalgamating FOS under the auspices of the FCA’s structure, releasing significant funds to support the prevention of money problems, such as investment into consumer financial education. The time has come to refashion FOS into a proportionate dispute resolution service aligned with the independent regulator.”