The Financial Ombudsman Service will appoint an independent person to lead an investigation into allegations aired in a TV documentary, it has revealed, while a committee of MPs said staff had laid bare tales of "low morale and dismay" about "poor culture".

An advice sector trade body wants an immediate independent review of past FOS cases, following allegations in a TV documentary.

The Financial Ombudsman Service has hit back over a Channel 4 documentary aired last night, saying it provided an “unfair impression” of the organisation.

A Chartered Financial Planner today called for a full inquiry into allegations about the Financial Ombudsman Service after an undercover probe by journalists.