Regulatory enforcement mini-series: should firms be concerned about FOS complaints?

Ashurst Legal Outlook Podcast

In our continuing mini-series on regulatory enforcement of financial services firms, we pick out the issues and tackle the trends to watch - with this episode focusing on the UK Financial Ombudsman Service.

Welcome to our latest episode for financial services firms and their senior management. In this mini-series, we explore how regulators and authorities are conducting investigations and handling complaints, and we suggest what might be done differently to ensure the fairness and effectiveness of regulation.

In this episode, Ashurst colleagues Nathan Willmott, Adam Jamieson and Paul Ryan-Brown discuss issues and concerns around the management of Financial Ombudsman Service (FOS) complaints, including the prominence of aggressive claims management companies and the significant impact of certain high-profile FOS decisions, most notably in the motor finance sector.

“What we're seeing is the ability for FOS decisions to effectively reset regulatory standards,” says Paul. “So firms have to take into account FOS decisions in their own complaint handling process.” That’s easier said than done, given how unpredictable FOS decisions can be, but Adam, Nathan and Paul share some pointers to help firms anticipate where the FOS may stand on certain issues. The trio analyse how the current Ombudsman regime works in practice and consider how it could improve its resolution of financial services complaints and decision-making in future.

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The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

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