Petition · past parliament
Require the Financial Ombudsman Service (FOS) to adhere to common law.
Closed
705 signatures
What the petition asks
We the undersigned have no confidence in the Financial Ombudsman Service. It has a track record of issuing judgements that are contradictory, illogical and made with hindsight. We call for it to be subject to common law and for all its decisions to be approved by a suitably qualified Judge.
In July 2015 the high court overruled the FOS's upholding of fraudulent complaints against the Cirencester Friendly Society. That the matter went to court at all is symptomatic of the FOS's deluded belief in its own infallibility. Though not de jure a regulator, the FOS's powers and the way it uses them nevertheless make it the de facto financial services regulator. This is greatly to the detriment of both the industry and its customers, who ultimately pay for the FOS's capricious behaviour.
Timeline
| 30 Jul 2015 | Petition opened for signatures |
| 30 Jan 2016 | Closed to new signatures |
Key facts
Signatures
705
Status
Closed
Opened
30 Jul 2015
Closed
30 Jan 2016
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Source: the official petition page. Last checked 15 Jul 2026.