UK Financial Ombudsman 'Unfit For Purpose,' Report Finds

Law360, London (March 31, 2021, 12:02 AM BST) -- The Financial Ombudsman Service is taking a subjective approach to resolving cases that goes against its objectives and could be driving up the cost of financial products for consumers, according to a report published on Wednesday.

The Institute of Economic Affairs, a U.K. think tank, said in a report that the ombudsman service is failing to deliver on its primary objective, which is to provide fair and reasonable resolutions for disputes at speed and offering value for money while supporting competition.

The IEA said that decisions made by the service might not always be fair, as ombudsmen use a "broad and...

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