Consumer Action and Financial Rights Legal Centre have provided comment on the Financial Ombudsman Service’s proposed Terms of Reference changes.
The consultation paper notes that operational guidelines will be drawn up for many of the proposals. These operational guidelines will have significant impact on how these proposals work in practice. The views expressed in this submission are based on the consultation materials provided, including the proposed operational guidelines, and changes to those guidelines may lead us to change our views. We ask that the Financial Ombudsman Service’s conduct a further round of consultation if it makes any substantive changes to the draft operational guidelines.
A full copy of our submission is available by clicking: Financial Ombudsman Service proposed Terms of Reference Changes.