While the Financial Ombudsman Service has been investigating a number of individual complaints, the FSA has been actively looking at the wider issues raised in the market and will consider all cases in order to achieve the best outcome for consumers.
The FSA and Ombudsman say the regulatory options available to the FSA would be one way of reducing consumer detriment, as well as potentially being able to deal with the concerns of more consumers than those who have complained to the Ombudsman.
Under the FSA’s remit for “wider implication” cases, action could include taking supervisory action; taking regulatory action under the unfair terms in consumer contacts regulations; securing redress and publishing rules and/or guidance.
The FSA says it is up to the Ombudsman to decide whether to progress or suspend individual cases while the FSA or OFT considers the issue.
But it says the Ombudsman will take account of any information provided by the FSA or OFT as part of its consideration of individual cases.