Regulation  

Fos decisions website goes live with 1,250 rulings

The Financial Ombudsman Service has launched the webpage upon which it will publish decisions, as part of plans announced earlier this year to increase transparency around the ombudsman’s rulings.

Fos said it is required to publish final decisions under the Financial Services and Markets Act 2000 as amended by the Financial Services Act 2012. Online publication of Fos decisions is the latest policy change made in an effort to become more accessible and transparent.

Fos previously said that although the names of the firm and specific ombudsman involved in a given decision would be published online, the complainant would not.

Article continues after advert

The database currently contains close to 1,253 decisions, of which around a quarter, 329, were upheld.

The majority of these, 775, are related to banking and credit, with 110 relating to insurance, and 91 focused on investment. Unsurprisingly, payment protection insurance is also responsible for a large chunk, with a total of 277 rulings.

The Fos consulted on these changes in September 2011 after responding to feedback in January 2012 that it would press ahead with the plans to name and shame firms.