FOS chief ombudsman Natalie Ceeney has disclosed that transparency will be a key feature of the corporate plan this year.
Transparency will be a key feature of the FOS corporate plan this year after criticism of its perceived lack of accountability, chief ombudsman Natalie Ceeney has revealed.
She said: “Transparency is one of the several major projects we will be working on over the coming year. What does greater transparency mean? What more can be made available – to whom – and about which areas of our work?”
The annual review will look at the amount of detail the FOS reveals in complaints data and how regularly it is released.
Richard Kafton, managing director of London-based Cedar House Financial Services, said: “As a practitioner the FOS certainly seems almost deliberately in favour of consumers as opposed to taking an independent stance. I think it is important that we see what it is really about. Its response times are very inefficient. More transparency would be welcome.”
The FOS, which makes over 10,000 final decisions a year, must first consider whether it is right to publish firms’ details as well as the cost of implementing the publication of its decisions.
Currently, the FOS only publishes anonymous case studies which it believes will be useful to the public on topical issues such as PPI.