The power to settle financial complaints.
The power to settle financial complaints.
This section answers a number of frequently-asked questions (FAQs) about:
what information does the ombudsman give to the Financial Services Authority (FSA) and the Office of Fair Trading (OFT)?
The ombudsman service is run independently from both the FSA and the OFT. We have distinct and separate roles. However, in order to carry out our functions effectively, we need to co-operate and communicate constructively with a number of official bodies including the Financial Services Authority (FSA) and the Office of Fair Trading (OFT).
In operational terms, memoranda of understanding provide the framework for the relationship between the ombudsman service and these official bodies.
There are procedures in place for ensuring liaison and co-operation between us and both the FSA and the OFT on issues that might lead to large numbers of complaints, including a senior-level co-ordination committee.