View more on these topics

Adviser Live 2008: FOS appeals would slow down system says Hunt Review manager

Introducing a formal appeals process for Financial Ombudsman Service decisions would slow down the complaints handling process and decrease accessibility to the service, according to Hunt Review project manager Chris Kenny.

Speaking at Adviser 2008 in London today, Kenny said despite adviser anger over Lord Hunt’s stance, an appeals process would only benefit a small number of people and the case for formal appeals “just didn’t wash”.

He said introducing a formal appeals process may encourage parties to seek out legal assistance during the complaints resolution process, which should be avoided.

Kenny highlighted the need for a senior post at the FOS that is solely responsible for maintaining a high quality of decisions.

This is in line with accusations from ex-FOS adjudicator Jane Sanders who told Money Marketing this week that the workload volumes for FOS staff are too high and the quality of decisions suffer as a result.

Kenny also stressed the importance of ensuring the FOS stays within its remit and does not become a quasi-regulator.

He said: “We expect a good number of our recommendations to be implemented and quite quickly. Independent reviews are only as good as the action that follows them. The model ain’t broke but it does need a lot of fixing..”


The Transact test

Brunning Newman Houghton is a directly regulated IFA which advises a broad range of private and corporate clients. Most new and inherited cases involve lump sums. Whatever the tax wrapper – onshore or offshore bond, Isa or pension – success depends on how the investment performs.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm