Britain’s Financial Ombudsman Service (FOS) has promised to ‘significantly’ reduce waiting times for complaints in 2020, but has warned the necessary recruitment could be affected by the coronavirus pandemic.
4:59 pm Financial Ombudsman Service (FOS)
FOS uphold 93% of claims against TSB
The Financial Ombudsman Service (FOS) upheld 93% of complaints against TSB in 2018 following its IT meltdown in April.
Proposed FOS case review slammed by MP
A top MP has slammed the proposed case review by the Financial Ombudsman Service (FOS) as ‘having too much emphasis on the process’ and did not examine ‘whether or not the right decisions were made by ombudsmen’.
Former Which? boss to head FOS review
Former Which? executive director Richard Lloyd has been appointed to lead the review into the operations of the Financial Ombudsman Service (FOS).
Mr Lloyd, currently vice chairman of the Money and Mental Health Policy Institute, will take over his new duties immediately and is expected to produce his report by the end of June.Read More
FOS appeals decided by computer, not a human
Shocking documents have come to light revealing that the Financial Ombudsman Service (FOS) uses computers rather than humans to decide on appeals for rejected PPI claims.
FOS agrees terms for investigation
The Financial Ombudsman Service (FOS) has agreed terms with MPs for a full independent review into the way FOS carries out its business.
The review was called for after a Channel 4 ‘Dispatches’ programme alleged that consumers had not been treated fairly when their appeals against rejections were investigated.Read More
Is FOS solely to blame for PPI backlog?
The Channel 4 Dispatches programme highlighted major problems with the handling of financial appeal cases by the Financial Ombudsman Service (FOS), alleging poorly trained staff making wrong decisions on appeals and favouring the banks above the consumer.
After an undercover reporter infiltrated FOS’s training programme and found some staff had to Google a financial product after being asked to make an appeal judgement on a case.Read More
MPs demand assurances from FOS
MPs have written to the Financial Ombudsman Service (FOS) demanding evidence that they have dealt with the problems highlighted in the shock Channel 4 Dispatches documentary.
Nicky Morgan, chair of the influential Treasury Select Committee, has written to Chief Ombudsman, Caroline Waynman, seeking assurances that the issues raised by the programme have been dealt with.Read More
Half a million cheated out of PPI compensation by FOS?
An undercover operation by the Channel 4 “Dispatches” programme claims to have uncovered evidence that up to half a million people may have been cheated of a PPI payout by the Financial Ombudsman Service (FOS)
The shock allegation was aired in a special programme aired on March 12th and claimed some staff were so poorly trained they had to Google the name of the financial products they were investigating.Read More
FOS expects big increase in PPI claims
The Financial Ombudsman Service (FOS) is expecting a major increase in the number of PPI cases it is asked to handle in 2018.
In its plans and budget for the coming year, which has just gone out for consultation, FOS says it expects to receive a quarter of a million new complaints – 70,000 up on the current year.Read More