The Financial Ombudsman Service: not just an alternative to court

Abstract

PurposeThe Financial Ombudsman Service is a statutory body offering a dispute resolution service to consumers and firms. The purpose of this paper is to outline the service as an alternative to the civil courts.Design/methodology/approachThe paper compares the style, objectives and operation of the service with those of civil court proceedings.FindingsThe Financial Ombudsman Service has developed a very different model from that of the civil courts and is the preferred alternative for most retail consumers of financial services.Originality/valueThe comparison in style, process, institutional systems and legal approach may offer observers food for thought about potential developments in the civil courts themselves.