On 26 May 2010, the Financial Services Ombudsman (FSO) announced possible changes to its decision making in the future. This included an announcement that the FSO would engage in public consultation guidance notes in relation to its approach to decision making and an indication of its preference for a statutory power to enable it to name firms against whom adverse rulings have been made. The Office should have the express statutory power to name firms against whom an adverse ruling has been made. The FSO believe that the disclosure permitted should include the following:

  • Name of firm
  • Name of product/service at issue
  • Nature of complaint upheld (i.e. mis-selling/breach of contract etc.)
  • Amount/type of award/direction