The power to settle financial complaints.
The power to settle financial complaints.
This section answers a number of frequently-asked questions (FAQs) about:
where does the ombudsman service get its powers from?
The Financial Ombudsman Service is the statutory dispute-resolution scheme set up by parliament under the Financial Services and Markets Act 2000. We also have powers under the Consumer Credit Act 2006.
We are a not-for-profit public body – but not a government agency or "quango". We are independent of government and the businesses we cover.
We resolve individual disputes between businesses providing financial services and consumers, as an alternative to the civil courts.