Findings from its study revealed that knowledge of an independent body that handles financial disputes, increased consumer confidence in the financial services industry.
However, the Ombudsman was keen to point out they do not just exist for people who complain and that it was the financial services industry that invented the service.
Walter Merricks, chief ombudsmen, said: “Out there, among the unknowns we can feel reasonably sure there are plenty of people who, glancing at their insurance policy, bank leaflet or investment details, see a mention of the Financial Ombudsman Service. As a result, it flashes through their minds that, in the unlikely event of something going wrong, there's somewhere they can go to get it put right. In the season of goodwill, that's a positive thought to end the year on.”
Hugh Nichols, partner at Badbury Berkeley Mortgage Services, commented: “There has to be a place were complaints can ultimately go, but I don’t think clients are thinking that they might want to complain at the application stage, otherwise they would not trust there broker in the first place. I think clients are aware that it is a good thing FOS exists, the only thing is they are slow in responding.”
