Asked by: Nick Thomas-Symonds (Labour - Torfaen)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the timetable is for the independent review of the Financial Service Ombudsman to report.
Answered by John Glen
Channel 4’s Dispatches programme raised several concerns regarding the Financial Ombudsman Service (FOS). The FOS has made clear that its priority is to reassure its customers and stakeholders that they can trust the rigour and fairness of its decisions.
The FOS has committed to appoint an independent reviewer to look into all the allegations made by the programme.
The FOS is an independent non-governmental body. The Treasury has no role in appointing the independent reviewer, setting their terms of reference, including the scope of the review, or in setting the timeline for the review. This is the role of the FOS’s Board of Directors, which is appointed by the Financial Conduct Authority.
Asked by: Nick Thomas-Symonds (Labour - Torfaen)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the scope is of the independent review into the Financial Ombudsman Service.
Answered by John Glen
Channel 4’s Dispatches programme raised several concerns regarding the Financial Ombudsman Service (FOS). The FOS has made clear that its priority is to reassure its customers and stakeholders that they can trust the rigour and fairness of its decisions.
The FOS has committed to appoint an independent reviewer to look into all the allegations made by the programme.
The FOS is an independent non-governmental body. The Treasury has no role in appointing the independent reviewer, setting their terms of reference, including the scope of the review, or in setting the timeline for the review. This is the role of the FOS’s Board of Directors, which is appointed by the Financial Conduct Authority.
Asked by: Nick Thomas-Symonds (Labour - Torfaen)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, who will chair the independent review of the Financial Service Ombudsman; and what steps he plans to take to ensure the independence of the Chair of that review.
Answered by John Glen
Channel 4’s Dispatches programme raised several concerns regarding the Financial Ombudsman Service (FOS). The FOS has made clear that its priority is to reassure its customers and stakeholders that they can trust the rigour and fairness of its decisions.
The FOS has committed to appoint an independent reviewer to look into all the allegations made by the programme.
The FOS is an independent non-governmental body. The Treasury has no role in appointing the independent reviewer, setting their terms of reference, including the scope of the review, or in setting the timeline for the review. This is the role of the FOS’s Board of Directors, which is appointed by the Financial Conduct Authority.
Asked by: Nick Thomas-Symonds (Labour - Torfaen)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the timetable is for the review of the Financial Ombudsman Service to begin.
Answered by John Glen
Channel 4’s Dispatches programme raised several concerns regarding the Financial Ombudsman Service (FOS). The FOS has made clear that its priority is to reassure its customers and stakeholders that they can trust the rigour and fairness of its decisions.
The FOS has committed to appoint an independent reviewer to look into all the allegations made by the programme.
The FOS is an independent non-governmental body. The Treasury has no role in appointing the independent reviewer, setting their terms of reference, including the scope of the review, or in setting the timeline for the review. This is the role of the FOS’s Board of Directors, which is appointed by the Financial Conduct Authority.