What is Financial Ombudsman Service (FOS)?

The Financial Ombudsman Service (FOS) is the UK's free, independent body for settling disputes between consumers and financial businesses — banks, insurers, lenders and advisers. Consumers must first complain to the firm; if unresolved after eight weeks, they can escalate to the FOS, which can order compensation. It covers firms regulated by the FCA and is funded by industry levies and case fees.