The Financial Ombudsman Service says that Lord Hunt’s review of the FOS contains some radical recommendations which are big departures from current practice.
FOS Chairman Sir Christopher Kelly says implementing some of the more ambitious proposals would have significant implications on its budget and resources.
Lord Hunt’s review has recommended that there should be closer monitoring and regulation of the claims chasers and that there should be greater opennes in the FOS’s approach.
The review contains 73 specific recommendations for the FOS including significantly increasing investment in advertising and consumer campaigns and commissioning a new brand name that is more consumer-friendy.
Kelly welcomes the suggestions and says the FOS will consider them to ensure that transparency is at the heart of its service.
Kelly says: “Some of the recommendations for accessibility and transparency that Lord Hunt makes in his detailed and though-provoking report endorse strands of work that we already carry out. Other recommendations involve innovative – and sometimes radical – departures from current practice. The implementation of the more ambitious proposals would clearly have significant implications as far as our budget and resources are concerned.
“However, the board and management of the ombudsman service are committed to taking forward the actions needed to ensure that accessibility and openness are at the very heart of our service, as we evolve to face new challenges in a changing world – and we will consider all of Lord Hunt’s very helpful suggestions in that light.”