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ombudsman news

issue 141

August 2017

 

I saw earlier this year that you were recruiting for board members. How’s that going?

We mentioned in our directors’ report and accounts that there have been some changes to our non-executive board. Following a public recruitment exercise, Jenny Watson CBE joined the board on 1 June 2017 – and Baroness Warwick and Sienne Veit will be appointed from 1 September 2017. Biographies of all our board members are available here.

As part of its responsibility to ensure our service remains effective, the board has commissioned Cass Business School (part of City, University of London) on a project to help us understand emerging trends – from new technology to sustainable workplaces – and what they might mean for us. We’ll continue talking to our stakeholders about this work over the summer.

aren’t you eventually going to be responsible for complaints about claims management companies?

Following Carol Brady’s independent review of claims management regulation in 2016, the Government decided a new regulatory framework was needed. The Financial Guidance and Claims Bill, which is currently going through Parliament, will mean the FCA will regulate claims management companies – a responsibility that currently sits with the Ministry of Justice.

As a result of this, it’s expected that the Financial Ombudsman Service will look into complaints from people who are unhappy with the service they’ve received from a claims management company. Currently the Legal Ombudsman handles these concerns. The Legal Ombudsman’s figures show that around 95% of its current claims management company workload involves financial services claims – and a significant number of these involve PPI.

There’s obviously a lot for us to be thinking about before these proposals come into effect – and we’ve already been talking to the FCA, HM Treasury and the Legal Ombudsman about the next steps. We’ll keep on updating our stakeholders as things develop.

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ombudsman news gives general information on the position at the date of publication. It is not a definitive statement of the law, our approach or our procedure.

The illustrative case studies are based broadly on real-life cases, but are not precedents. Individual cases are decided on their own facts.