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
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