The Financial Ombudsman Service (FOS) is a UK body set up to handle complaints about financial services and products, providing a crucial mechanism for consumer protection.
Legislation implemented in November 2001, establishing a regulatory framework for UK banking, insurance, and investment. It designated the Financial Services Authority as the key regulator, assuming functions from multiple entities to streamline and enhance regulatory oversight.
The Financial Services Compensation Scheme (FSCS) is a protection mechanism, developed under the Financial Services and Markets Act 2000, aimed at safeguarding private investors from financial losses due to the default or bankruptcy of authorized investment firms.
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