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Financial Ombudsman Service

Financial Ombudsman Service. Alison Hoyland Policy Unit Manager, Corporate Office International Motor Insurance Conference Warsaw 8-9 May 2008. Financial Services Authority (regulator). Financial Ombudsman Service (adjudicates on unresolved disputes).

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Financial Ombudsman Service

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  1. Financial Ombudsman Service Alison Hoyland Policy Unit Manager, Corporate Office International Motor Insurance Conference Warsaw 8-9 May 2008

  2. Financial Services Authority(regulator) Financial Ombudsman Service (adjudicates on unresolved disputes) Financial Services Compensation Scheme (pays compensation if FSA-authorised firm is unable to pay claims against it) the background… statutory basis from 30 November 2001 Financial Services andMarkets Act 2000

  3. the background… 5 main predecessor schemes before 2001 for… • insurance companies (since 1981) • banks and building societies • investment and pension product providers • investment and pension advisers • investment portfolio managers

  4. the regulatory requirements for businesses… complaint not resolved by the following day Dispute Resolution: Complaints (DISP) prompt written acknowledgement 8 week stagefinal response &/or referral rights

  5. the ombudsman process… two key principles … • inquisitorial remit • ‘fair and reasonable’ outcome – in all the circumstances of the individual case – having regard to relevant: • law/regulations • regulators’ rules, guidance and standards • codes of practice • good industry practice

  6. the ombudsman process… 1 3 stages customer contact team 2 casework teams 3 ombudsman– final decision

  7. the ombudsman process… 1. customer contact team to business for resolution • phone • enquiries • 425,942 jurisdiction checks totalenquiries 794,648 written enquiries 368,706 early resolution enquiries converted to cases 123,089 to casework figures for year to 31 March 2008

  8. the ombudsman process… 2. casework teams 2 adjudicator assessment settlement mediated CCD adjudicator investigation formal conclusions to ombudsman > 10% of cases are passed to ombudsmen unable to resolve unable to resolve

  9. the ombudsman process… ombudsman –final decision will hold hearing if necessary (very rare) cases adjudicator cannot resolve ombudsman considers case afresh no appeal for business ombudsman issues final decision binding if complainant accepts complainant rejects decision complainant free to go to court return for further investigation

  10. the ombudsman process… redress… • financial loss (+ interest) • non-financial loss: distress and inconvenience, pain and suffering or damage to reputation • £100,000 limit (€125,000) • recommendation above £100,000 not binding • ombudsman may direct a business to take what s/he considers to be ‘just and appropriate’ action • costs awarded only in exceptional circumstances

  11. complaints received... all complaints by industry sector…

  12. complaints received... insurance complaints by product type… 6,009 motor insurance disputes in 2007/08 = 46% increase compared to last year

  13. complaints received... insurance complaints by cause… 47% of motor insurance disputes in 2007/08 found in consumer’s favour compared to 30% on average across all other product types

  14. information… our website: • www.financial-ombudsman.org.uk • http://www.financial-ombudsman.org.uk/accessibility/polish/Twoje_zazalenie_a_rzecznik_praw_obywatelskich.htm

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