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.”