Financial Ombudsman Service (FOS)
PPI payments hit £215m in first half of 2011
The Financial Services Authority (FSA) has revealed that consumers who complained about being mis-sold payment protection insurance (PPI) received £215m from firms in the first six months of 2011.
Brokers suing clients over contested complaints could breach TCF
Brokers that sue clients for complaining could be in breach of Treating Customer Fairly (TCF) principles.
PPI mis-selling crisis strikes Ireland
The Irish Central Bank has launched an investigation into the mis-selling of payment protection insurance on loans.
New quarterly FOS data indicates PPI complaints set to double
The Financial Ombudsman Service’s (FOS) data for the first quarter of the financial year 2011/2012 has revealed that it received over 81,000 complaints – more than double the number received in the same period last year.
IIB calls for FSCS review after 900% levy increase
The Institute of Insurance Brokers (IIB) has presented research to the All Party Parliamentary Group on Insurance and Financial Services (APPGIFS) showing that brokers with an income of £500,000, £1m or £5m have seen their Financial Services Compensation…
Ombudsman slams claims companies over PPI scandal
Claims management companies (CMCs) have “exploited” payment protection insurance (PPI) complaints, according to the Financial Ombudsman Service’s (FOS) legal director.
Ombudsman calls for more decisive action from FSA
One of the Financial Ombudsman Service’s (FOS) principal ombudsman, Tony Boorman, has questioned the benefits of a complaints-led strategy, calling for a more proactive approach from the regulator.
Ombudsman's increased award limit will impact regulated firms
A professional indemnity expert has challenged the Financial Services Authority’s (FSA) claim that the Ombudsman’s increased award limit would not impact regulated firms.
More judicial reviews but no certainty of success, says RPC
There will be more judicial reviews following the decision by the Financial Services Authority (FSA) to increase the top limit of awards by the Financial Ombudsman Service (FOS) however recent events mean the regulators will be “emboldened” in defending…
Judicial reviews will rise after FOS award change, warns law firm
The announcement by the Financial Services Authority (FSA) that the Financial Ombudsman Service's (FOS) maximum binding award is to be increased to £150,000 will lead to an increase in judicial reviews according to lawyers at Browne Jacobson.
FSA confirms new consumer complaint handling rules and ups FOS award limit to £150,000
The Financial Services Authority (FSA) has confirmed new complaints handling rules as part of a package of measures designed to drive up standards within the industry.
Insurance Age blog: Insurance isn't the problem says Galbraith
In a special guest blog, chief executive of the British Insurance Brokers' Association, Eric Galbraith, argues that the industry needs to work together to improve public perception.
Consumers urged to avoid claims managment companies in PPI cases
Consumers could lose out on over £2bn in payment protection insurance (PPI) redress by going to claims management companies according to consumer protection body, Which?
Conference may hold long term PPI answers
Tomorrow’s conference on banking regulation may provide some much needed clarity on the future handling of payment protection insurance (PPI) complaints, according to Paul Clark, CEO of Charter UK.
FOS receives record-breaking number of PPI complaints
The Financial Ombudsman Service (FOS) has published its annual review covering the 2010/11 financial year.
Ruling forces rethink over ash cloud payouts
Ombudsman rules that insurers remain liable for payouts to passengers left stranded by ash cloud
FOS rules that volcano claim comes under 'poor weather conditions'
The Financial Ombudsman Service (FOS) has refused to refer a travel insurance dispute on whether last year's volcanic ash cloud was the result of "poor weather conditions" to the court as a test case.
PPI judgement welcomed by FSA but disappoints banks
The Financial Services Authority (FSA) has welcomed the High Court’s dismissal of the British Bankers’ Association’s (BBA) legal challenge to its payment protection insurance (PPI) measures.
Banks lose PPI legal challenge
The High Court has ruled in favour of the approach taken by the Financial Ombudsman Service (FOS) and Financial Services Authority (FSA) in the handling of payment protection insurance complaints.
ABI warns against duplication in regulatory reform
The Association of British Insurers (ABI) has called for transparent and accountable co-ordination between the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
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.
PPI complaints surge again
The Financial Ombudsman Service (FOS) has revealed that payment protection insurance (PPI) complaints rose to 24,955 for the period October to December last year, up 17% from the previous three months.
No let-up in FSCS levy burden for next two years
Brokers have been warned that the heavy cost of the levy imposed by the Financial Services Compensation Scheme (FSCS) in 2010 could become the norm for the next two years.