Impartial role of the FOS at risk, says law firm
Proposals by the Hunt Review of the Financial Ombudsman Service (FOS) that a league table of successful complaints against financial services firms should be published would undermine its role as an independent adjudicator says Reynolds Porter Chamberlain LLP (RPC), the City law firm.
Jonathan Davies, partner, of RPC said that the Review’s idea of singling out firms for official “wooden spoon” awards who have lost the highest proportion of FOS cases would put an unfair pressure on companies not to oppose complaints.
Mr Davies said: “Firms should feel entitled to oppose claims that they feel have no merit. The threat of being awarded a wooden spoon could cut the ground from under them.
“Singling out a single firm for a wooden spoon would also be unfair as the complaints record
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
Which? demands ban on brokers charging high motor APRs
Which? has named and shamed motor insurance brokers charging high interest rates on monthly policies and called for a ban on the practice.
No ‘particular targets’ for insurance regulation simplification, says FCA
Consumer Duty will be a building block for any future work on the simplification of insurance regulations that affect brokers, according to David Geale, executive director of consumers, payments and competition at the Financial Conduct Authority.
FCA kicked off financial year with improved authorisation service bar one outlier
The Financial Conduct Authority has upped its game on authorisation service levels in categories affecting brokers, with improvements in four areas, but one notable outlier where the performance dipped.
FCA alerts of Kent-based broker clone
Quotemetoday.co.uk has made clear it has no affiliation with Quote Me Go as the Financial Conduct Authority has reported fraudsters have been impersonating the Kent-headquartered broker.
FCA’s Knight updates on cyber insurance report
Chris Knight, director of insurance at the FCA, has updated on the progress of its report into the take up of cyber insurance, and how the regulator has to keep pace with technological advancements.
Growing FCA attestation appetite a warning for brokers
The Financial Conduct Authority has increased the level of attestation requests dished out to insurance firms in recent years, and the serious regulatory tool is one brokers need to keep a keen eye on according to compliance specialists.
Why insurer oversight cannot become another regulatory box-ticking exercise
With regulatory workloads continuing to grow and the FCA maintaining its focus on customer outcomes, Insurance DataLab co-founder Matt Scott explains why brokers need a practical, evidence-led approach to insurer oversight.
FCA cancels insurance distribution business’ permissions
The Financial Conduct Authority cancelled Professional Liability Network’s permission to carry out regulated activities on 11 September 2026.