The deadline for submissions to an independent review of the Financial Ombudsman Service (FOS) has been extended until this Friday.

FOS has engaged governance advisory group Cameron Ralph/Navigator to conduct the review, which will examine dispute-handling across the general and life insurance, banking and investments sectors.

“Reviewers expect to receive multiple submissions,” a spokesman said.

Issues to be addressed in the review include possible problems caused by growing dispute numbers and the balance between business and consumer interests.

One submission already posted on the FOS website calls for the removal of a cap on applicants’ ability to recover costs.

The submission by Michael Thorne also says the service should engage a professional legal costs practitioner for costs disputes and provide more information on insurers’ past claims performance.