The ABI says it is disappointed that Lord Hunt’s review of the Financial Ombudsman Service dismisses the idea of an external appeals process.
In his report released today, Lord Hunt said there was no convincing case for an external appeals mechanism on top of the ombudsman service’s current internal appeals procedure.
The ABI also says it does not see the need for the FOS to rebrand but agreed with Lord Hunt’s recommendation that consumers should not have to pay a fee unless their case is brought by a claims managment company.
An ABI spokesman says: “Lord Hunt’s proposals for a more transparent FOS will encourage adjudicators to adopt a more consistent approach, ensuring that firms understand the FOS’s position on key issues and consumers get a fairer deal.
“The FOS’s decisions can have far-reaching consequences. We are therefore disappointed that Lord Hunt dismisses the idea of an external appeals process.
“Finally, we do not see the need for consumers’ money to be spent on a ‘rebranding’ of the FOS – what is most important is that the public have confidence in the quality and effectiveness of service provided by the FOS.”