Lord in Waiting (HM Household) (Whip)
My Lords, the Financial Ombudsman Service was established through the Financial Services and Markets Act 2000 to provide for the proportionate, prompt and informal resolution of disputes between consumers and financial services firms. The FOS offers a cost-free service for consumers, which is fundamental to its purpose. The FOS is funded by a combination of an annual levy on regulated firms...
My Lords, I am grateful for the contributions in this short debate and thank both noble Baronesses for them. On case fees, the amendment follows the existing approach under FSMA to allow the FOS to charge fees to respondents. Under this approach, the Government set out through legislation who the FOS is able to charge fees to and it will be for the FOS to set the detail of those case fee...
My Lords, I am afraid that the noble Lord, Lord Eatwell, was not here for the opening comments from the noble Lord, Lord Tyrie.
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Entered the House of Lords on 21 July 2021
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