Firms which fail to apply a pragmatic approach to complaints cause problems to escalate unnecessarily, Natalie Ceeney , chief executive of the Financial Ombudsman (FOS) has said.
Ceeney (pictured) said she welcomed comments from chief executive of the Financial Conduct Authority (FCA) Martin Wheatley that the regulator will be taking "more pragmatic, sophisticated approach to regulation". She said the FOS' own approach to resolving problems on the frontline is "rooted very firmly in pragmatism". "We make decisions by considering what is fair and reasonable in the individual circumstances of each case," she said. However, the FOS often finds that problems which reach the ombudsman have escalated "unnecessarily" where businesses have not been pragmatic in the...
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