ABI casts doubt on FOS' need to increase reserves
The Association of British Insurers (ABI) has responded to the Financial Ombudsman Service (FOS) by questioning the need for an increase in reserves and calling for a push on transparency.
The trade body also suggested that the FOS explore other ways of reducing costs for firms including options for claims management companies to contribute to funding and the possibility of relocating some of its operations.
Helen White the ABI's director of life and savings, said: "We welcome the FOS's commitment to improving their operational efficiency. However, we do question whether the FOS' request to substantially increase their reserves - and thus the levy on firms - is actually required.
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