questionText: To ask the Chancellor of the Exchequer, if he will make an assessment of the adequacy of the powers of the Financial Ombudsman Service to require companies to pay compensation to customers.
answerText: Parliament set up the Financial Ombudsman Service (FOS) to decide complaints quickly as an alternative to the courts – not to act as a law enforcer. However, firms that are regulated by the Financial Conduct Authority (FCA) are required under the FCA’s ru...
heading: Financial Ombudsman Service