What service is provided by the Financial Ombudsman Service (FOS)?

The Financial Ombudsman Service (FOS) primarily provides dispute resolution between consumers and financial institutions. This service is crucial because it acts as an independent body that helps resolve complaints that consumers have regarding financial services or products. When consumers feel that they have been treated unfairly or have experienced issues with their banks, insurers, or other financial service providers, they can escalate their complaints to the FOS after exhausting the institution's internal complaint processes. The FOS investigates these disputes and makes impartial decisions, which can help ensure that consumers receive fair treatment and compensation where appropriate.

The other options listed do not capture the primary role of the FOS. Tax collection is typically managed by government revenue services, investment advisory services involve financial planning and portfolio management guidance, and insurance underwriting is handled by insurance companies assessing risk and determining premium rates. None of these functions relate to the resolution of disputes between consumers and financial services providers, which is the core responsibility of the FOS.