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FOS warns radical review could hit budget

The Financial Ombudsman Service has welcomed Lord Hunt’s report but warns that some of the recommendations have “significant implications” for its budget and resources.

Chairman Sir Christopher Kelly says the review contains radical recommendations which are big departures from current practice and would ask serious questions about the FOS’s budget. He welcomes Hunt’s recommendations over the FOS’s transparency and says he will consider them to ensure this issue remains at the heart of the service.

Kelly says: “Some of the recommendations for accessibility and transparency that Lord Hunt makes in his detailed and thought-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 have significant implications as far as our budget and resources are concerned.”

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