Professional Networking Event The Financial Ombudsman Service: resolving disputes Tuesday 5 February Rupert Simpson Outreach Officer, The Financial Ombudsman Service www.ifslearning.ac.uk/events resolving disputes Rupert Simpson © May not be reproduced without permission of Financial Ombudsman Service Ltd 2 basics and background set up by statute as an alternative to the courts … © May not be reproduced without permission of Financial Ombudsman Service Ltd 3 the regulatory landscape Financial Services and Markets Act 2000 the regulators and authorisers resolving disputes compensation (last resort) Consumer Credit Act 2006 © May not be reproduced without permission of Financial Ombudsman Service Ltd 4 changes to the landscape looking at our relationships with: The Financial Conduct Authority (FCA) The Prudential Regulation Authority (PRA) © May not be reproduced without permission of Financial Ombudsman Service Ltd 5 businesses we cover it’s not just banks … © May not be reproduced without permission of Financial Ombudsman Service Ltd 6 we also cover … © May not be reproduced without permission of Financial Ombudsman Service Ltd 7 our approach to dispute resolution an inquisitorial remit contrast with a civil court © May not be reproduced without permission of Financial Ombudsman Service Ltd 8 outcomes – fair and reasonable coming to a ‘fair and reasonable’ conclusion, taking into account: law and regulations regulators’ rules, guidance and standards codes of practice good industry practice – as seen by the ombudsman © May not be reproduced without permission of Financial Ombudsman Service Ltd 9 how we work 3 stages 1 initial enquiries 2 casework 3 ombudsman – final decision © May not be reproduced without permission of Financial Ombudsman Service Ltd 10 payment protection insurance © May not be reproduced without permission of Financial Ombudsman Service Ltd 11 payment protection insurance around 30 million policies sold 3 million have complained we are contacted around 10,000 times per week estimated cost to the industry: £15 billion © May not be reproduced without permission of Financial Ombudsman Service Ltd 12 the saga continues steady volumes projected until 2016 80% complaints referred to us concern PPI reputational damage and the blame game © May not be reproduced without permission of Financial Ombudsman Service Ltd 13 banks and their computer troubles © May not be reproduced without permission of Financial Ombudsman Service Ltd 14 the original problem caused by a faulty software update at RBS group major disruption to transactional retail banking consumers unable to see correct balances or make payments © May not be reproduced without permission of Financial Ombudsman Service Ltd 15 the ombudsman’s approach a specialist team for a unique caseload encouraging different banks to work together our position where losses were hard to prove considering reputational damage © May not be reproduced without permission of Financial Ombudsman Service Ltd 16 wider lessons and themes the role of The Payments Council highlighted the reliance on smooth banking services recurring IT problems © May not be reproduced without permission of Financial Ombudsman Service Ltd 17 resolving disputes questions? © May not be reproduced without permission of Financial Ombudsman Service Ltd 18 To view any forthcoming events please visit our website www.ifslearning.ac.uk/events www.ifslearning.ac.uk/events
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