Which statement is NOT true regarding the Financial Ombudsman Service (FOS)?

The statement that the Financial Ombudsman Service (FOS) is a part of the Government is not true. The FOS operates as an independent organization that provides a resolution service for disputes between consumers and financial services firms. While it was established under the Financial Services and Markets Act 2000 and is accountable to the Financial Conduct Authority (FCA), it functions independently and is not a government entity. This independence helps ensure that the FOS can impartially resolve disputes without government influence, maintaining fairness for both consumers and financial institutions.

In contrast, the other statements are accurate reflections of the FOS's authority and function. The FOS can indeed issue binding decisions on matters it adjudicates, meaning that both parties must adhere to the ruling unless taken to court. It operates independently from the courts, focusing on alternative dispute resolution, which helps alleviate the pressure on the judicial system. Additionally, the FOS is specifically designed to handle a range of financial complaints, underscoring its role in consumer protection within the financial services industry.