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Topics: FOS| Parliament| Financial Ombudsman Service
The Financial Ombudsman Service (FOS) looks set to hold its ground on plans to include the names of businesses involved when it starts publishing final decisions.
In a consultation published last year as part of a drive for more transparency under the new regulatory architecture, the Ombudsman said it would redact the names and details of consumers when publishing decisions but, in most cases, reveal the firms involved.
This led to an outcry from many businesses, with the Association of British Insurers arguing it could present the public with a "misleading" view of financial services.
The FOS said in its original consultation it did not think it "practical" to redact firms' names.
And today, it said: "Having considered the responses we received on this and on the other main points in the discussion paper, our current view is that the overall way forward that we proposed is broadly in the right direction - subject to any operational and practical questions being resolved.
"However, there remain issues that we will want to discuss with businesses and consumer groups, before finalising how we will implement publication."
Another concern raised was that naming other businesses involved in a complaint - for example a product provider relating to a complaint against an IFA - could lead to reputational damage by association.
Meanwhile, several businesses said it was important that individual advisers are not named as "they were not themselves regulated entities and were subject to the training and competency requirements that applied to the businesses they worked for".
The Ombudsman will finalise its policy on publishing decisions once politicians have "formed a clear view" on it, as the Financial Services Bill makes its way through Parliament.
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| Comment | FOS pushes ahead with plans to name firms involved in disputes |
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It's Just Marketing
The real purpose behind this move is to promote the FOS as a 'consumer champion'. You relaly have to undertsand the bureaucratic mindset behind these numpties actions. They are latent authoritarians. Their biggest shock was the collapse of the Berlin Wall and they've been trying to recover their credibility ever since. They are also working hard to get the general public to accept the supplanting of the rule of law by the rule of the cparicious bureaucrat. Anything that advances that agenda is welcome to them. To be equitable they then should also publish all the names of the opportunistic clients who attempt to gain finacial advantage on the back of the FOS' ludicrous bureaucratic processes. Fat chance.
Posted by: Steven Farrall
Good idea if FOS are scrutinised as well
Great idea if with this we get total clarity with the FOS. We need a full audit with all the complaints they are handling and log the number that wouldn't get through a court e.g. potentially fraudulent which is soemthing the FOS turn a blind eye to.
Posted by: Incompetent Regulators Award Team
To what specific purpose
It will interesting to see the basis for this "name and shame" process. There would be a strong case for naming a firm that is regularly creating 50 or 60 claims a year, but virtually irrelevant for firms that create one case every blue moon. The cut off point should be a realistic one. But this information is already contained in the FOS annual report, so what new level of publication are the FOS referring to. And why would it be preferable to the current practice.
Posted by: Glen McKeown
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All we need..
... now is the naming and shaming of complainants deemed to be making frivolous of vexatious claims.
Posted by: Exasperated Me