ABI calls for ombudsman reporting restrictions

The Association of British Insurers (ABI) has called on the government to stop “potentially misleading” claims by the Financial Ombudsman.

In response to the Financial Ombudsman Service’s consultation on the issue, the ABI has questioned whether the decision to publish all ombudsman decision is providing useful insight.

“While a small number of consumer complaints can raise broader industry-wide issues, the very individual and unique nature of the vast majority of Financial Ombudsmen cases makes reading lessons into thousands of decisions impractical and potentially misleading,” the ABI said in a statement.

The ABI added it would like to see the government adopt a more balanced approach in its legislation, giving the Financial Ombudsman Service the right to publish only those decisions that may serve a useful purpose for consumers and firms.

ABI director of financial conduct regulation Maggie Craig said: “While the ABI supports transparency, it should be a means to an end, not an end in itself. Government legislation should encourage the Financial Ombudsman Service to work closely with consumer groups and the industry to select the most appropriate ombudsman cases for publication.”