Financial Ombudsman Service

COMPLAINTS

Claims management firms are being investigated by the Ministry of Justice after a surge in bogus compensation claims filed for consumers who were mis-sold personal protection insurance (PPI).

The Financial Ombudsman Service (FOS) has set its budget for 2012/3 at £191.1m, meaning both the case fee and total levy will be frozen for the third year running.

The Financial Ombudsman Service (FOS) will drift closer to becoming a regulator under a proposed memorandum of understanding (MoU) with the Financial Conduct Authority (FCA), according to a legal expert.

Bupa has become the second insurer to give further clarity about its complaints levels, suggesting providers may want further details to be published by the Ombudsman to put figures into a wider context.

The private medical insurance (PMI) market's two biggest players have seen a rise in the number of complaints escalated to the Financial Ombudsman Service (FOS).

Which? has urged banks to streamline their payment protection insurance (PPI) claim process or risk exposing customers to claims management companies, after just a quarter of the promised amount of redress was paid out in 2011.

The Financial Ombudsman Service (FOS) has ruled against a bank for advising a client to invest £3.2m in a bond issued by failed US insurer AIG.

The Financial Ombudsman Service (FOS) is in the process of deciding how it will go about publishing its decisions, and one of the main points of contention has been whether or not it should name the firms involved.

The Financial Ombudsman Service (FOS) looks set to hold its ground on plans to include the names of businesses involved when it starts publishing final decisions.