The Financial Ombudsman Service (FOS) has been branded unfit for purpose in a scathing report from the Institute of Economic Affairs (IEA)
The new report questions the fairness of its decisions and says the organisation is failing consumers. The think tank's report said the FOS needs "major reform" and is not meeting its primary objectives of providing fair and reasonable dispute resolution at speed. It also said it was not good value for money and failed to meet its aim of "supporting competition and consumer welfare". Chief executive and chief ombudsman Caroline Wayman resigned from the service earlier this month after seven...
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