An appeals process for financial services firms should not be added the current Financial Ombudsman Services complaints procedure, suggests the Treasury Select Committee, as it would counter the original intention to create a "speedy, fair and inexpensive" system.
Following feedback from the industry concerning the FOS, TSC members said, in today’s report on long-term savings, said consumer groups were opposed to any general right of appeal against FOS decisions because “it risks undermining confidence in a system which is currently working well”. “While there may be scope to improve co-ordination between the FSA and FOS in certain cases with wide implications, the Committee believes that calls for a general appeals process should be resisted,” continues the report. In particular, representatives from the Financial Services Consumer Panel told ...
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