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MY JOB David Thomas Job


What is the job of the Financial Ombudsman? The Financial Ombudsman Service was set up as an alternative service to the Courts for people who might have a complaint against a bank, insurance company or any other financial business. Rather than going to Court which can be a complicated process involving lawyers and potentially a lot of expense, you can go instead to the Ombudsman Service which is quicker and


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Tel: 01803 559774


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We are here


UK Financial Ombudsman


more informal than the Courts so that you do not need a lawyer to help you. The reason that it is more informal is that, unlike in the Courts where the judge is a referee and each side has to come along and put the evidence before the judge, our Service actually investigates the cases brought to us. So that the fact that on the one side you have a business that understands all about banking/ insurance and on the other a customer who probably does not know everything, really does not matter because the FOS knows all about it and will investigate actively…. and most importantly for the consumer, it is a free service. How did you become a Financial Ombudsman and what does it involve? I qualified as a lawyer in England and Wales in 1969 and as a lawyer in Ireland in 1991. I led a firm of lawyers with offices in Liverpool and London. My job with the FOS has evolved over the years. In 1997 I became the Banking Ombudsman. This was when there was a separate Ombudsman for each sector – banking, insurance, building societies and so on. I was running an office of about 50 people at that time. As part of the reorganisation of financial regulation that created the Financial Service Authority as the combined regulator the Government also created the FOS as a unified Ombudsman Service right across financial services effectively amalgamating all of the existing ombudsman which involved 300 people. At that stage I became Principal Ombudsman responsible for banking and mortgages and later also took over responsibility for pensions


01803 559774


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