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ABI calls on the Government and Financial Ombudsman Service to adopt a focused approach to publishing ombudsman decisions

The ABI supports greater transparency but questions whether the publication of all ombudsman decisions is the best approach for providing useful insight, in its response to the Financial Ombudsman Service's consultation on the issue.

Whilst a small number of consumer complaints can raise broader industry-wide issues, the very individual and unique nature of the vast majority of Financial Ombudsmen cases makes reading lessons into thousands of decisions impractical and potentially misleading.

The ABI would like to see the Government adopt a more balanced approach in its legislation, giving the Financial Ombudsman Service the right to publish only those decisions that may serve a useful purpose for consumers and firms.

Maggie Craig, Director of Financial Conduct Regulation at the Association of British Insurers, commented:

"Whilst the ABI supports transparency, it should be a means to an end, not an end in itself. Government legislation should encourage the Financial Ombudsman Service to work closely with consumer groups and the industry to select the most appropriate ombudsman cases for publication."

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Last updated 01/07/2016