The IFSO Scheme’s Terms of Reference set out the criteria we must use if we make a decision about a complaint.
The Terms of Reference say we must make a decision by reference to what, in our opinion, is fair and reasonable in all of the circumstances. This Fair and Reasonable Guidance is to give you and your financial service provider a better understanding of how the IFSO Scheme applies our fair and reasonable jurisdiction.
It is important to note that fairness is subjective. What you may think is fair can be completely different to your neighbour or colleague. The Fair and Reasonable Guidance is not intended to define fairness; rather, we want to give you and your financial service provider practical examples of circumstances the IFSO Scheme will consider when deciding what is fair and reasonable, in line with paragraph 12 of our Terms of Reference.