The Financial Ombudsman Service and Disputes Involving "Wider Implications" Issues

The aim of this article is to assess the way in which the Financial Ombudsman Service (FOS) and the Financial Services Authority (FSA) have responded to concerns about the means by which disputes which raise “wider implications” issues are identified and subsequently processed within the regulatory framework established by the Financial Services and Markets Act 2000. Given the importance of the financial services sector to the UK economy, these are matters that are of some significance to firms (whose business operations may be adversely affected by the way in which cases which raise wider implication are handled) and to consumers (who may be unaware that such disputes have arisen and of their need to seek redress). In view of the degree of regulatory convergence in financial centres across the globe, these issues are also likely to be of interest to those responsible for the operation of similar schemes elsewhere.