The Financial Ombudsman Service, the organisation set up by the financial services industry to handle complaints, has just amended its rules to allow National Savings & Investments to fall within its remit. Whilst the Government has not yet given the go-ahead for National Savings & Investments to fall within the jurisdiction of the Ombudsman, the rules have been amended, should the Government decide to agree.
Our View
We believe that the products offered by National Savings & Investments should fall within the remit of the Financial Ombudsman Service. Whilst the Financial Services Authority does not regulate these products, complaints are currently dealt with by an independent adjudicator and then the Parliamentary Ombudsman, if necessary.
We have experience of both the Parliamentary Ombudsman and NS&I and definitely believe the FOS should be taking over! We believe that consumers should be able to complain to one single point in terms of financial services, in order to keep it simple and raise awareness. But, we will need to wait for the outcome of the Government's decision.