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ABI disappointed at Lord Hunt’s dismissal of external appeals process

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.”


Aifa attacks Hunt Review

The Association of Independent Financial Advisers has criticised the Hunt Review, saying that the industry was expecting a more comprehensive report.

RBS cuts up to 200 jobs

Royal Bank of Scotland has cut up to 200 jobs in its corporate banking division.The job cuts will hit its mortgage-backed securities division, leveraged loans and property finance.It is understood staff were told this week.

Skandia fund is too alternative for some advisers

Advisers have given a lukewarm response to plans from Skandia Investment Group to bring out a multi-manager alternatives fund.The fund is a designed to be a diversifier to traditional asset classes, with low correlation to equities, bonds and property.The 10 asset classes at launch are likely to be diversified hedge fund exposure, listed timber, precious […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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