The Financial Conduct Authority has been told to review the way it monitors the performance of the Financial Ombudsman Service
It comes after a consumer expressed concerns about how the Fos handled a complaint.
Complaints Commissioner Antony Townsend found the FCA had been “unhelpful” in its handling of the issue.
He said the regulator had not provided enough explanation in its decision letter after the consumer complained to it about the Fos’s decision.
Mr Townsend said: “Given that the FCA does have responsibilities for the Fos, it would have been sensible to give some further explanation.
“Furthermore, I think that it would be helpful if the FCA were to confirm that it will satisfy itself (if it has not already done so) that the general allegations of procedural unfairness which you have raised have been adequately addressed.
“In other words, one would expect the Fos to be satisfied that its procedures were compliant with the rules of fairness.
“The fact that the Fos is operationally independent from the FCA does not mean that the FCA cannot, or should not, seek assurances if significant allegations about the Fos’s practices are made.”
While Mr Townsend did not uphold the complaint against the FCA, he told the regulator to review the information it publishes about its relationship with the Fos and the way it monitors the ombudsman’s performance.
The consumer had complained to the FCA in January about the way the Fos and then an independent assessor handled their complaint.
They had said the handling of the complaint did not comply with a “considerable number of procedural rules”.
The FCA responded to this complaint by saying it was “not persuaded” it had failed to deliver on its statutory responsibilities.
Mr Townsend added that the consumer had offered “no convincing evidence” that the FCA had failed in its responsibilities.
damian.fantato@ft.com
