FOS refuses to reveal level of staff qualifications
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The Financial Ombudsman Service has refused to disclose the qualifications held by its staff, saying financial qualifications do not necessarily make people good adjudicators.
Last week, Money Marketing revealed low levels of advice skills in the FSA’s small firms and contact division.
This prompted calls from IFAs for the FOS to disclose the financial services qualifications held by its adjudicators. But an FOS spokeswoman says ombudsman staff have a “wide range of specialist qualifications and experience” that fit their roles but financial qualifications are not necessarily required.
Unlike the FSA, the FOS is not required to disclose information under the Freedom of Information Act.
She says: “Qualifications and financial industry experience alone do not necessarily make someone a good adjudicator. Our staff need to have the ability to investigate and resolve complaints fairly and impartially to the highest standards.”
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Readers' comments (21)
Sean | 27 Aug 2010 8:34 am
We must be the only industry that is treated as second class citizens. Can you imagine the disciplinary panel of the Law Society or General Medical Council made up of people without relevant qualifications or experience - no neither can I as they wouldnt stand for it.
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BigMan | 27 Aug 2010 9:04 am
Surprise surprise!
(The Financial Ombudsman Service has refused to disclose the qualifications held by its staff, saying financial qualifications do not necessarily make people good adjudicators)
Reams of exams don't necessarily make you a good financial adviser, but hey, the CII need their exam income and the Banks want to decimate the IFA sector!
Its getting worse by the day isn't it?
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Anonymous | 27 Aug 2010 9:10 am
Our staff need to have the ability to investigate and resolve complaints fairly and impartially to the highest standards.”
And the best complaint wins an IPad!!
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Andy Connell | 27 Aug 2010 9:12 am
The real crime is not the FOS refusing to provide information - it is that they are, in fact, beyond the law. of the land
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David Cooper | 27 Aug 2010 9:28 am
So, if qualifications aren't imporrtant, how are FOS staff able to understand the intricacies of the dodgy products mis-sold by the banks? Agreed, adjudication is a separate skill, but they also need to know the structure and application of financial products.
Perhaps FOS could encourage its staff to pass exams by offering iPads as incentives.
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Anonymous | 27 Aug 2010 9:33 am
The FOS are employing temporary contract staff from well known outsourcing firms in a n attempt to reduce their backlog, the number of temp staff is well over 100. These people are paid piece meal for the number of closures and they have got so desperate they for numbers they recently took on school leavers with no experience. This is an outrage no qualifications no experience and costing £300 per person per day to the outsourcing firms!!!!
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Anonymous | 27 Aug 2010 9:35 am
If qualifications do not make a good adjudicator,why is the same logic not being applied to adviser qualifications?
Don't ask, it's a case of one rule for FOS/FSA another for IFA's.
They really cannot see how illogical their arguments are, can they?
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PD Off | 27 Aug 2010 9:37 am
I think most IFAs have already worked the qualifications held by the FOS staff by just looking at the unprofessional way it operates.
I would also want to keep it quiet if my only qualifications were a CSE in woodwork & a one length swimming certificate.
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Anonymous | 27 Aug 2010 9:51 am
Any one who has had dealings with the FOS will know that their staff are illiterate as far as finacial products concerned. They have no qualifications because they dont need them they use the old tick box method to decide that the complaint is justified!!!!A full review of their procedures training and experience should be undertaken
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AP | 27 Aug 2010 9:56 am
In fairness to the contractors brought in - the vast majority of them are ex IFAs/life company employees and have many years of adjudication experience across endowments/serps opt out/bank charges/pension mis-selling/ppi etc etc.
(spot the contractor - ha ha)
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