We need your support to keep TheyWorkForYou running and make sure people across the UK can continue to hold their elected representatives to account.

Donate to our crowdfunder

Financial Services Ombudsman

Treasury written question – answered on 30th October 2019.

Alert me about debates like this

Photo of Thangam Debbonaire Thangam Debbonaire Opposition Whip (Commons)

To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that the Financial Services Ombudsman has adequate resources to (a) conduct thorough investigations and (b) deliver timely decisions on cases.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

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 Financial Ombudsman Service (FOS) is capable of exercising its functions, including approving the FOS’s annual budget. Furthermore, the FOS is subject to statutory audit by the National Audit Office and must publish reports of determinations.

The FOS and the FCA are operationally independent of Government.

Does this answer the above question?

Yes2 people think so

No2 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.