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‘Wooden spoon’ for worst firms

The Hunt review calls on the FOS to award a “wooden spoon” for the worst-performing firms in terms of uphold rates.

The report says the worst-performing firms in the retail banking, investment, general insurance and intermediary sectors should be named and shamed.

But Hunt says the FOS should not publicise poorly performing firms in special circumstances such as where a firm’s performance is improving rapidly.

The review also recommends setting up an award scheme to acknowledge firms that have achieved exceptional improvements in complaint handling.

Hunt also calls on the FOS to develop a public interactive system, Fosbook, so that consumers and the industry can get a better idea of how it reaches its decisions.

It says Fosbook should include anonymous details of certain cases to ensure there is a common understanding of how the FOS will weigh up different factors in specific cases and to communicate significant case decisions.

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