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Daily Insurance Industry News
Wednesday 26th of September 2018
December 16, 2011

ABI opposes publication of all FOS decisions

by Gill Montia

Story link: ABI opposes publication of all FOS decisions

The Association of British Insurers (ABI) has responded to a consultation by the Financial Ombudsman Service (FOS) by questioning whether the publication of all ombudsman decisions is the best approach.

According to the ABI, a small number of consumer complaints can raise broader industry-wide issues.

However, the body argues that the individual and unique nature of the majority of cases dealt with by the ombudsmen makes reading lessons into thousands of decisions impractical and potentially misleading.

It therefore wants the Government to adopt a more balanced approach in its legislation by giving the FOS the right to publish only those decisions that may serve a useful purpose for consumers and firms.

The Association’s director of financial conduct regulation, Maggie Craig, comments: “Whilst the ABI supports transparency, it should be a means to an end, not an end in itself.”

 

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