Glossary · General
FOS (Financial Ombudsman Service)
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Definition: The free, independent UK service that resolves disputes between consumers and financial firms. Decisions are binding on the firm if you accept them.
You must usually complain to the firm first and wait up to eight weeks for a final response. The FOS can award compensation up to a statutory maximum (currently £430,000 for acts from April 2024; lower for older complaints).
Primary source: financial-ombudsman.org.uk