View more on these topics

FOS considers publishing final decisions

The Financial Ombudsman Service is considering publishing some of its final decisions in a bid to improve transparency in its decision process.

The FOS is about to start work on its budget and corporate plan for the next financial year in which it will consider how best to improve transparency.

In the December edition of Ombudsman News, chief executive and chief ombudsman Natalie Ceeney says: “Transparency is one of the several major projects we will be working on over the coming year. What does greater transparency mean? What more can be made available – to whom – and about which areas of our work?”

At the moment the FOS only publishes anonymous case studies on issues which it believes would be useful to the public, for example PPI, but does not publish the decisions of specific cases. It currently makes over 10,000 final decisions per year.

A FOS spokeswoman says there are a number of things the FOS needs to consider first, including whether it is right to publish firms’ details and the cost of implementing the publication of its decisions, before it concludes how it can best improve transparency.

She says: “At the moment we publish the themes that would be useful and make them anonymous via Ombudsman News, and there are several published every issue. It is a discussion we need to have with all of the stakeholders. financial firms, along with trade bodies and the consumer representatives to see whether that is something which would help in terms of transparency.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Incompetent Regulators Award Team 27th December 2010 at 6:15 pm

    Well we will see how much more bullsh*t they will tell us. If they publish they will be economical with the truth as they have to protecte their failures. As that’s how the ambulance chasing FOS works, yes folks in secrecy with sloppy workers. If they were to be really open they will expose their full failings which are numerous and are likely to be shut down.

    I won’t waste my time expalining it as I haven’t got all week and those who have dealt with this dodgy outfit will know exactly what I am talking about.

    Like the FSA they don’t do transparency.

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