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AuntieP

The Times has new article on FOS problems

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FOS in trouble again. An MP is involved now.

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Hi AuntieP

What's the gist of the article. Don't want to pay Rupert Murdoch £1 to read it!!!

Best wishes

Sweetjane

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Main points from the article

  • Consumers getting compensation of less than expected
  • Critics want a separate body to impose sanctions and enforce payments
  • 1st example case of Mr O'Brien and father with dementia, who calculates redress should be £344,000, was offered £28,400 by the firm. FOS Ombudsman accepts the lower figure
  • FOS makes no check on firm's calculations usually
  • Adrian Sanders, MP now involved
  • 2nd example case is my own. Accepted Ombudsmans decision but then learned Ombudsman had not followed FOS guidelines which would have raised offer by £8000.
    Full details at ww.fos-problems.co.uk (change ww to www to get the proper address, I am unable to post links yet)
  • FOS makes few referrals to FSA (20 in 5 years !)
  • Comments on Adjudicators low experience, salary and training compared with the firms' experts
  • Quotes from Jane Sanders the FOS whistleblower about adjudicators

Its a long article, the lead article in the Personal Finance section. Calm and accurate with telling points well made by Mark Atherton, the journalist.

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