The Federal Government says it has no plans to review the Financial Ombudsman Service’s activities, contrary to reports.

A media report last week said Assistant Treasurer Arthur Sinodinos had listed the operations of FOS “as one of a number of issues facing the financial services industry that the Government is open to reviewing”.

But a spokesman for Senator Sinodinos told insuranceNEWS.com.au: “The Financial Ombudsman Service is a private agency, independent of the Government.”