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Consumer dispute resolution in the UK financial sector: the experience of the Financial Ombudsman Service

This article analyses the operation of the Financial Ombudsman Service (FOS) in the UK, focusing on decision- making and the implications for consumers and authorised firms. It explains the manner in which the statutory “fair and reasonable” basis for FOS decisions has developed and examines the implications for legal certainty. It also considers the implications for the FOS of the move by the Financial Services Authority to more-principles-based regulation and “wider-implications” cases.