Financial Ombudsman Service—voluntary jurisdiction
Financial Ombudsman Service—voluntary jurisdiction

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Financial Ombudsman Service—voluntary jurisdiction
  • Voluntary jurisdiction—application
  • Voluntary jurisdiction—activities
  • Voluntary jurisdiction—territorial scope

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. See also FOS FAQs—Meaning of withdrawal from the EU for the FOS and its customers.

The Financial Ombudsman Service (FOS) has two areas of jurisdiction:

  1. the compulsory jurisdiction (ie the jurisdiction of the FOS to which firms authorised by the Financial Conduct Authority (FCA), payment service providers, electronic money issuers and certain others are compulsorily subject), and

  2. the voluntary jurisdiction (ie the jurisdiction of the FOS for those businesses which are not covered by the FOS' compulsory jurisdiction but which would like to join the FOS’ jurisdiction and participate by contract)

Both ‘compulsory jurisdiction’ and ‘voluntary jurisdiction’ are defined in detail in the Glossary to the FCA Handbook.

The voluntary jurisdiction of the Financial Ombudsman Service (FOS) is dealt with in Chapters 2 and 4 of the FCA’s Dispute Resolution: Complaints Sourcebook (DISP) rules, and is set out under section 227 and Schedule 17, Part IV of the Financial Services and Markets

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