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FOS urged to put shame data in context

The Money Portal is calling on the Financial Ombudsman Service to publish the overall volume of business a firm writes alongside complaint numbers to put the figures in context.

Last week, the FOS said it will name and shame firms, which have at least 30 new and 30 closed cases during a six-month period, but there are fears that networks could be unfairly tarnished.

The data will include the number of new cases and the percentage of closed cases where there has been a change of outcome in favour of the consumer.

But Money Portal head of strategy and distribution Alan Easter says: “The more business a firm writes, the more likely it is to end up on the list, even if the number of complaints represents a very small percentage of overall business. The FOS should provide the total amount of business written to keep its figures in context.

“That would give consumers a better indication of the chances of having a hassle-free interaction with a firm. This is a great initiative but we need to make sure it is done properly.”

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