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The Government has legislated to ensure the effectiveness of the Financial Ombudsman
Service (FOS). Under the Financial Services and Markets Act 2000, the Financial Conduct
Authority (FCA) is required to take such steps as are necessary to ensure that the
Ombudsman is capable of exercising its functions and is empowered to make rules concerning
the FOS. The FCA keeps those rules under review to ensure the continued effectiveness
of the FOS. The FCA appoints all of the Non-Executives of the FOS Board (including
the Chair, with HM Treasury’s approval). Furthermore, under the Financial Services
Act 2012, HMT must lay the FOS’s annual report and accounts before Parliament, the
FOS is made subject to statutory NAO audit and must publish reports of determinations.
The continued effectiveness of the FOS is a key government priority, which is why
on the 6th of February 2019 I visited the FOS to see for myself how it is preparing
for the future.
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