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FOS may reopen cases after exposé on poor staff training

The Financial Ombudsman Service may reopen thousands of completed cases following undercover reporting that discovered staff had incomplete training.

Some staff had to resort to using Google to do their own research on complained-about products.

Other employees said they were thrown into cases with little or no training.

The findings air tonight in Channel 4’s Dispatches, but have been leaked to The Times.

Dispatches sent an undercover reporter to train as an investigator at the FOS.

One FOS staffer said the financial watchdog had set tough targets for employees, leading to decisions being churned out or sidelined due to workload.

The Times’ report says another employer said ruling against consumers was seen as the easy option.

A FOS spokeswoman told The Times that the Dispatches report does not represent the watchdog at its best. She added that FOS staff are “committed to doing the right thing” and the body always wants to improve.

Last October the FOS announced plans to hire more staff after cutting hundreds in 2016.

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Are we surprised? NO NO NO

  2. We now need to add a full investigation and audit ate the FOS for fraudulent cases being ignored and passed through the FOS. FOS has no policy for FRAUD, no surprise there?

  3. If its true, then it is a total disgrace but I will reserve judgement until I see the programme.

  4. These are the people who will be expected to assess DB transfer complaints impartially, after the FCA try to create an efficient advice market.

    Best not to get involved in anything beyond ISAs and simple pensions, the limit of their understanding.

  5. That’s disgraceful! How has it taken an undercover researcher to find this out when advisers have been saying as much for long enough?

    Product exams have to be a requirement if staff are not adequately au-fait, but just how has this been allowed to go unchecked?

  6. peter mulholland 13th March 2018 at 12:14 pm

    This is news hahaha

  7. If R01/CF1 “Regulation and Ethics” is the minimum manadatory requirement for advisers (mortgage or investment) and both have to obtain their complete level 3 or level 4 (another 5 exams) in order to be abelt o continue advising after a 2yr grace period, surely, what is good for the gosoe shoudl be good for the gander and all F-pack staff (i.e. FOS< FSCS and FCA) shoudl have this minimum qualification too?
    Arguably all BANK and other FS staff should have a minmum qualification such as the CII's RB1, even I have it and I don't work in banking!!!!

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