FINANCIAL OMBUDSMAN Definition & Meaning

Financial Ombudsman

any of five British ombudsmen: the Banking Ombudsman , set up in 1986 to investigate complaints from bank customers; the Building Society Ombudsman , set up in 1987 to investigate complaints from building society customers; the Insurance Ombudsman , set up in 1981 to investigate complaints by policyholders (since 1988 this ombudsman has also operated a Unit Trust Ombudsman scheme); the Investment Ombudsman set up in 1989 to investigate complaints by investors (the Personal Investment Authority Ombudsman is responsible for investigating complaints by personal investors); and the Pensions Ombudsman , set up in 1993 to investigate complaints regarding pension schemes

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Examples have not been reviewed.

A bank that breaks those rules can be penalised by the FCA, or the financial ombudsman.

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Derai appealed to the Financial Ombudsman Service, an organisation that resolves disputes between businesses and customers.

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Revolut says it cannot comment on Jack’s case as it is being looked at by the Financial Ombudsman Service.

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Disputes over fraud and scams have hit their highest level for at least six years, according to the financial ombudsman.

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But while the bank refunded her within 24 hours, it took her 18 months and a ruling from the financial ombudsman to get a full refund from the EMI.

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