View more on these topics

‘Don’t publish all findings’

Publishing all FOS decisions could set precedents and lead to consumers relying on past decisions to influence the outcome of their case, says Yorkshire Building Society.

The society’s response to the Hunt review says the current Ombudsman News publication is more than sufficient for both businesses and consumers.

It says: “The society does not agree that the FOS should be made to publish all of its decisions. as such practice may ultimately become inconsistent with the FOS principles to determine each case on its own facts and to achieve an outcome which is fair in each circumstance.”

The firm believes publication could result in the FOS being forced to adopt a more precedent-led approach in its decision making process, which could conflict with what is fair in a particular circumstance and may prejudice future claims.

It says it would support the issue of guidance or statements of principle on particular issues, which in conjunction with the Ombudsman News would assist both consumers and the industry.

The society’s submission also raises concerns about consumers’ views of the FOS, saying that while some embrace access to the ombudsman, others refuse to use the service.

It says: “The society has experienced situations in which a customer has been informed of their right to refer their complaint to the FOS, following a final decision, but has refused to do so on the grounds that they do not consider the FOS to be independent, given it is funded by the industry.”

Recommended

Duffield pledges changes after New Star nightmare

New Star’s share price nosedived last week after it issued a profit warning following a £1.6bn loss in the second half of 2007.The share price fell as low as 82p on Friday, after closing at 147p the night before, as the credit squeeze and downturn in the UK commercial property market forced the firm to […]

Take account of requirements for the RMAR

In 2007 we undertook a review of electronic reporting, looking at how firms complete their retail mediation activities return, the issues they faced and what further help we could provide to make the submission process easier.We said we were pleased with submission rates, as over 90 per cent of firms submit on time, and that […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment