This is an interesting article in FT Adviser, largely about the experience of the Claims Bureau with FOS delays. Not only are they concerned at the delays themselves, which are much less than the FSCS, but they are concerned about the FOS process…see the clip below ! Usual responses from FOS…”fair and reasonable” etc etc.
“The Claims Bureau chair called for complaints to be assessed under common law, or using judicial arbitration – where lawyers for litigating parties each present their side of the case to a selected arbitrator who then gives his opinion on who would win and how much the loser would pay.
Consumers have a total loss of faith in the system and see the Fos as being grossly unfair,” he said.
Another problem, he said, was there was no way for consumers to challenge a Fos decision without going through the High Court, which can cost at least £20,000.
“The Fos needs a regulator,” he said, adding you can complain about a Fos case, but you can’t complain about the Fos process”.