Benefits of working in the Financial Ombudsman Service

Hi guys,

Been hearing working for the Financial Ombudsman Service (FOS) is a really valuable experience and that it sets you up for a lot of opportunities within the financial sector. Is this a fact?

Heard because the FOS is like the pinnacle of finance and that an experience with the FOS is very valuable to any organisation within the financial sector. Partly because they work hand in hand with the FCA and other regulatory bodies. True or False?

Experience like the Adjudicator role, Ombudsman etc.

Cheers in advance

Reply 1

Ethereal

Original post by mikeA1

I would suspect it is largely down to what area you work in. If you are dealing with PPI / CCP misselling claims probably not.

Heard because the FOS is like the pinnacle of finance and that an experience with the FOS is very valuable to any organisation within the financial sector. Partly because they work hand in hand with the FCA and other regulatory bodies. True or False?

False. It isn't the pinnacle of finance. The clue is in the job title - what you would essentially be doing is looking at sets of papers and deciding on the balance of probability, hunch and experience who was right : the customer or the bank.

(edited 10 years ago)

Reply 2

mikeA1

Funny how I got really hyped up about it all. You do have a point. The role in particular is the Adjudicator role within the FOS. They went on further to say, based on the experience people have picked up well paid contractor/permanent based role within banks (citi, hsbc and the likes...).

Reply 3

InnerTemple

Generally speaking, you get out of it what you put in.

There is the chance to do very well within the organisation and either stay there and work your way up or move elsewhere within the job market (not just the financial sector).

I wouldn't be so dismissive of the different departments - as seen above. PPI is worked slightly differently, but despite this, there are chances to do some very interesting work and gain some very useful skills. It also, of course, opens doors to move to other areas that FOS deals in.

It is unlikely that you will have a lot, if any, of contact with the FCS.

The thing about it being the pinnacle of finance is a strange thing to think about. There are some things which the service excels at. However I suspect that you are using 'pinnacle' in a slightly different sense.

If you are in a position to take a job at the service, it isn't something to be sniffed at. Though as far as I am aware, recruitment for adjudicators is over for the time being.