View more on these topics

Flawed logic in watchdog legal stance

The Financial Ombudsman Service’s reasoning that adjudicator decisions are not crucial as they can be reversed by an ombudsman is “strange logic”, says Fishburns Solicitors.

Speaking at a Fishburns financial services seminar in London last week, partner Andrew Davis said the FOS’s response to claims that adjudicators are struggling under a heavy workload and are making wrong decisions as a result is concerning.

Last month, former FOS adjudicator Jane Sanders told Money Marketing that the pressure being placed on ombudsman staff to hit targets is resulting in wrong decisions being made.

She said there are only a small number of FOS managers who supervise adjudicators so many decisions are not being properly assessed.

An FOS spokesman said at the time: “Adjudicator decisions are not final and firms can refer cases to an ombudsman for consideration if they are not happy with the outcome.”

Davis said: “Saying a decision from an adjudicator is only the first instance because an ombudsman can set it right is a bit like saying a district court decision does not matter because the Appeal Court will set it right. It is a very strange attitude.”

Recommended

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com