The Investment and Life Assurance Group (ILAG) has warned that increased publishing of decisions made by the Financial Ombudsman Service (FOS) could be a boon for claims management companies (CMCs).
It also suggested FOS would face increased scrutiny about its decisions and that companies may feel pressurised to accept adjudicators' rulings to avoid publication if an ombudsman was asked to rule. In a submission to the FOS consultation on publishing more decisions, the trade body said it generally supported the publication of FOS rulings but had some concerns around how this would be achieved, how this information may be misused, and the consequences of misuse. The letter noted that FOS will need to aim for higher level of consistency and quality of decision making while there was...
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