FOS accused of ignoring key details and clients subject to “lucky dip decisions”

The Financial Ombudsman Service (FOS) has been accused of ignoring key details of complex complaints, and taking too long to consider more difficult cases.

Peter O’Donnell, chairman of the Mortgage Claims Bureau, said his clients have been left in limbo for months, and subject to “lucky dip decisions” by FOS.

He claimed the delays relate to complaints he has lodged which are more difficult than the adjudicators are trained to handle, involving investments into offshore or off-plan property and related equity release loans to pay for the property deposits.

The criticism follows changes in how FOS deals with claims, revealed by Financial Adviser last month, which have been lambasted by some of FOS’s own staff as increasing the risk of wrong decisions.

Above comments taken from the FT Adviser website…read the full article here



Categories: FOS

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