As a public body set up by Parliament, we’re open and transparent in how we work with other organisations. We share our knowledge and experience to help inform the regulation of financial services and improve the handling of customers’ complaints.
Government and other public bodies
We work with HM Treasury, sharing insights about the complaints we see and the customers and businesses we help. We also attend sessions of the Treasury Select Committee as part of our public accountability.
Our rules allow us to share information with other public bodies when it helps us to carry out our responsibilities, such as resolving complaints quickly and informally.
The Financial Conduct Authority
The FCA is the regulator of most financial services in the UK. They’re responsible for regulating the conduct of businesses and setting rules for businesses to follow, including the rules on how financial businesses handle complaints.
We work closely with the FCA, although we’re independent in the way we investigate and decide cases. We work with the FCA in three areas:
- Governance – as the industry regulator, the FCA publishes our official rules and appoints our chairman and board of non-executive directors.
- Responding to regulation – by closely understanding any changes the FCA makes to regulations, we make sure we’re ready for any changes in the type and number of complaints we receive.
- Information sharing – we share information with the FCA so that both organisations can work effectively. We also share any trends and common problems we see that could inform future regulation.
Our joint memorandums of understanding provides a framework for how we work together.
Trade associations and local businesses
Financial trade associations are founded and funded by businesses in the finance industry. We work with these organisations to:
- share our knowledge
- make sure we’re aware of trends in the industry and issues affecting businesses and their customers
We hold events and meetings with trade associations and local businesses across the UK so we can:
- improve our understanding of the needs of businesses and customers
- explain the support we offer businesses to handle complaints
Read more about our events.
Consumer groups and charities
We regularly meet consumer groups and charities to:
- raise awareness of our service
- share our approach to handling complaints about businesses
- improve our awareness of the problems that consumers are experiencing with financial businesses
To carry out our functions effectively, we need to cooperate and communicate with a number of organisations – including regulators, other official bodies, and other ombudsman schemes.
We have agreed memorandums of understanding with these organisations, they provide the operational framework for the relationship between us, including any arrangements for the exchange of information.