Recommendation 150

The FOS is an independent public body set up by Parliament under FSMA 2000 to resolve individual complaints between financial businesses and their customers. 221 It handles approximately 200,000 disputes per year. 222 Consumers can approach the FOS after failing to resolve their complaint with the financial services firm directly. The FOS’s decisions are legally binding on the financial services firm once accepted by the complainant and can only be challenged by the firm via judicial review. 223