FOS appoints former Which ? boss to lead review into complaints failures

The Financial Ombudsman Service has appointed Money and Mental Health Policy Institute vice chair Richard Lloyd to lead an independent review into its complaints handling process.

The former Which? executive director will produce a report into FOS after a Channel 4 documentary earlier this year suggested a number of failures at the ombudsman service. The Parliamentary Treasury Committee became concerned and the independent review is the result.

These ranged from allegations that staff were insufficiently trained to deal with “complex” investment and pension complaints, that awards for distress and inconvenience were inconsistent, and that staff did not take complaints over issues such as payday loans and credit cards seriously.

But now there are worries that Mr Lloyd may have a conflict of interest.  It seems that he had dealings with FOS when he was at Which ?, and during his chairmanship of Resolver which is a service that works with FOS.  Mr Lloyd will report by the end of June 2018.  It should be worth reading !

Read more details at these websites:

Money Marketing
The Times (paywall)

 



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