FOS keen to shed anti-adviser reputation, says chief Wayman

clock

The Financial Ombudsman Service (FOS) is determined to shed its reputation as an anti-adviser body, its chief executive has said.

Caroline Wayman said the service is keen to reach out to advisers to allay their apparently widespread concerns it is unfair on them when determining wrongdoing following client complaints.

Speaking to the Treasury Committee on 15 October, Wayman said she is aware of advisers' concerns about FOS adjudications and is keen to show them it is "prepared to listen".

She said she wants advisers to know that "we are human and listen, and we are prepared to have these conversations".

"I know there are concerns. I will just try to be as open as I can and try where we can to allay those fears and try to make [advisers] understand what it is really like when we judge those cases.

Wayman's remarks followed a question from Committee member and Wyre Forest MP Mark Garnier, who cited a poll of advisers suggesting more than half (58%) considered the FOS unfair on IFAs when reaching decisions. A further quarter said they were unsure, according to the Panacea survey.

Wayman said: "I understand it can be a worrying time for small firms who have been complained about.

"The cost of regulation and cost of bringing cases to us, that's why we now have 25 free cases. That takes a significant proportion of smaller businesses out of [having to pay]," she said.

Wayman added the FOS had refreshed its roadshow format to make it more interactive and inviting for advisers.

But, she said: "The frustration in a way is the people I need to speak to can't come to those events. But the events have been well received generally."

The Committee grilled Wayman as part of an ongoing inquiry into the treatment of financial services consumers, announced on 1 September.

It has already questioned Citizens Advice Burea chief Gillian Guy, who spoke about the government's promised retirement 'guidance' for all from April next year, following the Budget changes.

FOS named Caroline Wayman as its chief ombudsman and CEO, succeeding Natalie Ceeney, in July.

More on PMI

Man jailed for 12 months for multiple bogus medical claims
PMI

Man jailed for 12 months for multiple bogus medical claims

Fraudulent claims totalled £24,000

John Brazier
clock 09 August 2022 • 2 min read
Five facts about physio from Vitality PMI claims data
PMI

Five facts about physio from Vitality PMI claims data

With demand for primary care rising, here are five facts about physio based on private medical insurance (PMI) claims data

Vitality
clock 04 August 2022 • 3 min read
Dr Katie Tryon, director of health strategy for Vitality
PMI

Dr Katie Tryon: Why prevention is better than claim

We sat down with Dr Katie Tryon, director of health strategy for Vitality, to hear why prevention is playing such a prominent role within private medical insurance (PMI)

Vitality
clock 25 July 2022 • 5 min read

Highlights

FCA gives three-month Consumer Duty extension for advisers

FCA gives three-month Consumer Duty extension for advisers

Deadline of 31 July 2023

Hemma Visavadia
clock 27 July 2022 • 5 min read
Meet the firm turning professional athletes into protection advisers

Meet the firm turning professional athletes into protection advisers

"You're only ever as good as your last game, but your next game could be your last"

Hemma Visavadia
clock 25 July 2022 • 5 min read
The COVER Review July 2022: Protection & Financial Education, IPAW 2022 and Reviewing 2022 So Far

The COVER Review July 2022: Protection & Financial Education, IPAW 2022 and Reviewing 2022 So Far

Now available for members to watch

John Brazier
clock 20 July 2022 • 1 min read