December 2004/January 2005
CHAPS (the Clearing House Automatic Payments System) is used for high-value transactions where money is transferred from one bank to another on the same day. In this issue we conclude our study of the three payment systems in UK banking by taking a look at how CHAPS works, illustrating some of the problems that can occur by outlining a few of the complaints we have dealt with recently on this topic.
We also extend a welcome to insurance intermediaries, who came under our jurisdiction for the first time on 14 January 2005, and highlight some of the ways in which we work with firms to help identify and reduce problems that might otherwise lead to expensive and time-consuming disputes.
We follow up our article on insurance fraud in issue 41 with some insurance case studies involving fraud. And in "ask ombudsman news" we answer queries about time limits in bringing a complaint to the Ombudsman Service, and about the arrangement whereby firms are charged only for the third and any subsequent complaint against them that is referred to us in a year.
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.