Former Which? boss to head FOS review

Independent review into FOS

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

FOS appeals decided by computer

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.

The documents reveal how the PPI papers are fed into a computer program called Navigator which then generates a ‘suggested outcome.’Read More

FOS agrees terms for investigation

FOS grees investigation terms

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?

Is FOS entirely to blame

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

Independent review of FOS ‘Dispatches’ claims

dispatches inquiry

An independent review of the Financial Ombudsman Service (FOS) is to examine claims made in the recent Dispatches investigation that some consumers appeals were not dealt with correctly.

But Chief Ombudsman Caroline Waynman has said she is extremely unlikely to re-open any of the cases in question because of ‘strictly limited powers.’Read More

MPs demand assurances from FOS

FOS investigation

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?

Half a million lost out?

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

Rise in PPI claims for FOS

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

Level of PPI payouts jumps by £21 million in a month

Level of PPI payouts jumps by £21 million in a month

The level of PPI payouts has jumped by £21 million in a single month according to official figures just released.

The Financial Conduct Authority (FCA) revealed the total payout for August was £271.5 million – the highest monthly payout in more than a year.Read More

Lloyds receiving 11,000 new PPI claims a week

Lloyds receiving 11,000 new PPI claims a week

A decade after the PPI mis-selling scandal first raised its head, Lloyds Banking Group (LBG) are still receiving 11,000 new claims a week.

Figures released today show that, following the announcement of the PPI claims deadline of 2019, at the rate of new claims soared to 16,000 a week, but has since fallen back to the current 11,000 figure.Read More