At Adviser Live 2008, Kenny said although advisers had reacted angrily to Lord Hunt’s refusal to recommend an appeal process, it would only benefit a small number of people.
He said a formal appeal process might encourage parties to seek legal assistance during the complaint resolution process, which should be avoided.
He highlighted the need for a senior position at the FOS responsible solely for maintaining a high quality of decisions and stressed the importance of ensuring that the FOS stays within its remit and does not become a quasi-regulator.
Kenny said: “We expect a good number of our recommendations to be implemented quite quickly. Independent reviews are only as good as the action that follows them.”