A report into the handling of Equitable Life complaints by the Financial Ombudsman Service has concluded the behaviour of FOS has left "an abiding and entirely justifiable sense of disillusionment, frustration and injustice".
Speaking at the last evidence session for the European Parliament’s Committee of Inquiry into Equitable Life, Lord Neill QC, author of the 250-page report, said policyholders had “good reason” to think the FOS’ action on their case was not up to standard and acted as "subservient" to the Financial Services Authority. The report, which was commissioned by the Equitable Members’ Action Group (EMAG), reveals an analysis of 30 complaints forwarded to the FOS show the service provided by the FOS “fell short of the standards which they [policyholders] were entitled to expect”, considering these...
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