The ABI described the FSA consultation paper on the role of the Financial Services Ombudsman (FOS) as a ‘sensible package'.
ABI head of financial regulation and taxation Peter Vipond, said: “The ombudsman provides a valuable and independent service for consumers and the industry alike, helping to underpin consumer confidence in financial services.
“However, the mechanisms currently in place to review key cases lack both transparency and robustness, and there should be a means for reviewing FOS rulings which effectively set precedents for the whole industry.
“ We therefore support the intention to improve these processes and to clarify the roles of the FSA and FOS.
“Any move to introduce an appeals system would need to avoid the imposition of bureaucratic or costly procedures.”
