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FOS launches new website to publish decisions

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The Financial Ombudsman Service has launched a new website publishing its decisions from 1 April under new transparency rules.

The Financial Services Act, which came into effect on 1 April, forces the ombudsman to publish all decisions.

A total of 1,253 decisions have been published this week showing just 329 claims upheld.

The Ombudsman Decisions website allows anyone to search for FOS decisions by financial products, outcome or through a keyword search.

Firms are identifiable in the rulings irrespective of the decision but customers are not named.

FOS says there will be a slight delay of a few weeks before decisions are published as it takes into account a number of requirements.

It will not publish decisions before consumers have accepted or rejected a decision, which they have up to four weeks to do.

In addition, extra time may be taken to transfer the decision to a PDF and comply with rules around not publishing consumer identities.

Facts and Figures Financial Planning managing director Simon Webster says: “Publishing decisions will be useful for advisers as it will show what FOS is looking for. It will be very helpful in rebutting claims.”

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