Financial Ombudsman set to name names in published decisions

Thursday 2nd February 2012

The Financial Ombudsman Service is to press ahead with plans to include the names of firms when it publishes its decisions, despite concerns from businesses.

In its summary of responses to its consultation paper, the FOS said that ‘many, but not all’ expressed worries that including names in decisions could have negative consequences.

However, the FOS said that consumer groups want to see names published and that this is the way forward.

It also says it would be impractical to publish cases – as it will be required to do by the new Financial Services Bill – and withhold names. Even if it did, it says it would have to give enough information for the firm or individual to be identified.

The Legal Ombudsman will be naming names from this April, but only in circumstances where there is a ‘pattern of complaints’ against lawyers and law firms, or where it thinks that it is in the public interest. It has acknowledged that the new policy could damage the business of those it identifies.

It took the decision to do so after the consumer watchdog body, the Legal Services Consumer Panel, accused it of capitulating to ‘spurious objections’ from lawyers.

The Property Ombudsman, which provides redress in the estate agency industry, does not use names but has said it will keep the matter under review. As the FOS does currently, the Property Ombudsman does not publish all decisions, but does publish regular data and some anonymous case studies.