The Financial Ombudsman Service has proposed to change the interest applied to any awards it directs financial firms to make.

The number of complaints received by the Financial Ombudsman Service climbed by 49% in the second half of 2024.

Financial Planning network Rosemount Financial Solutions has accused the Financial Ombudsman Service of damaging advice firms by acting as a “quasi-regulator.”

Abby Thomas, CEO and Chief Ombudsman at the Financial Ombudsman Service, has exited the organisation this week in a shock departure.

The Financial Ombudsman Services will freeze case fees and levies for firms for the 2025/26 financial year.

The number of complaints received by the Financial Ombudsman Service climbed by more than 50% in the last three months.

The Financial Ombudsman Service (FOS) received 485 new complaints about wealth manager St James’s Place in the first half of 2024 - almost double the previous half year - despite total complaints for the pensions and investments sectors falling.

The Financial Ombudsman Service has reported a record 8,734 fraud and scam cases in just a three-month period this year, the highest ever quarterly level.