The ABI has hit out at proposals to merge the Pensions Ombudsman (PO) and the Financial Ombudsman Service (FOS) outlined in the Thornton Review of Pensions Institutions .
The trade body argues the two services have distinct remits and significant differences in their approach and should be kept separate. “Rather than merging, the two bodies should concentrate on improving the handling of their existing cases,” says Stephen Haddrill, ABI director-general. In the ABI’s March response to the consultation paper on the Review, it says the Pensions Ombudsman deals mainly with maladministration while the Financial Ombudsman Service's main focus is mis-selling cases. “There is a significant difference in their approach, in the type of cases handled and in t...
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