The Financial Ombudsman Service was set up by Parliament in 2001 as the independent expert in settling complaints between consumers and businesses providing financial services. It is not a regulator or an industry trade body, nor is it a consumer champion or a government body. Its aim is to settle disputes without taking sides. The activities which it covers are regulated by the Financial Service Authority, such as accepting deposits and providing or advising on investment products, mortgages and insurance policies. Also covered are consumer credit activities as set out in the Consumer Credit Act.
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