The FSA and the Financial Ombudsman Service are attempting to clarify the different roles and responsibilities of the regulator when “'wider implications' issues arise”.
Updated procedures for handling complaints to the ombudsman have been published by the FSA today.
FSA retail markets managing director Clive Briault said the update would “improve the identification and handling process for cases at both the FSA and the ombudsman service; enhance co-operation on cases between the two agencies; and improve the overall transparency of the process.”
Under the new procedures the FSA and the ombudsman service are to have nominated individuals within both organisations who will be contact points for ‘wider implications' cases and responsible for communication, liaison and co-ordination.
The nominated person will be available to receive recommendations from firms, trade bodies and consumer bodies. They would also liaise between the FSA and the ombudsman service to ensure that the referral process and any feedback is administered efficiently, the FSA said.