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Eversheds cautions against FOS naming and shaming

Lord Hunt’s recommendation for the Financial Ombudsman Services to introduce a name and shame system could portray firms in a misleading light, according to law firm Eversheds.

The Hunt Review called for increased openness and greater transparency of the FOS’s methodology and policy in handling cases.

But Eversheds financial services litigation partner Chris Busby says data on specific financial institutions can be misleading.

He says: “They may excel in one area but be weaker in another, leading to an overall average score which gives a false impression.

“The decision to name and shame will be unpopular within the financial services industry, due to the likelihood that data published will often relate to historic products or be judged out of context. For example, large numbers of claims concerning individual product issues such as payment protection insurance will significantly affect any figures at present for those who historically sold this product.”

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