What is the main purpose of the Financial Ombudsman Service (FOS)?

The main purpose of the Financial Ombudsman Service (FOS) is to resolve disputes between consumers and financial services firms. This independent service provides a fair and impartial resolution to complaints that consumers may have regarding financial products or services, such as issues with banks, insurance companies, or investment firms.

By handling these complaints, the FOS plays a crucial role in maintaining consumer confidence in financial markets and promoting accountability among financial services providers. It ensures that consumers have a reliable avenue to seek redress when they feel that they have been treated unfairly, thus enhancing trust in the financial system.

In relation to the other choices, compliance with financial regulations and supervision of banking operations are typically overseen by regulatory bodies like the Financial Conduct Authority (FCA), rather than the FOS. Similarly, while promoting consumer financial education is important, it is not the primary function of the FOS; their focus is specifically on resolving disputes rather than educating the public. This clarification helps illustrate why the chosen answer is the most accurate representation of the FOS's main purpose.