165/97
18 December 1997
HELEN LIDDELL WELCOMES PROPOSALS FOR COMPLAINTS HANDLING FOR FINANCIAL SERVICES
Proposals for a single compensation scheme and a compulsory Financial Services Ombudsman were welcomed today by the Economic Secretary, Helen Liddell.
The proposals are contained in two consultation documents issued today by the Financial Services Authority (FSA), please see link to their site below.
Welcoming publication, Mrs Liddell said:
"The existing patchwork quilt of complaints-resolution schemes, some offering arbitration, some constituted as Ombudsmen, some compulsory and some voluntary, confuse and frustrate complainants.
"We all need arrangements that are comprehensive, transparent and easily accessible to consumers.
"Firms should be in no doubt about their obligation to deal with complaints fairly and quickly. The public need to be assured that if they and the firm are unable to resolve a complaint, they will have access to a single, compulsory and highly visible Ombudsman scheme - the judgements of which will bind the firm."
The FSA document on complaints-handling sets out the Government's decision that there should be a single compulsory Financial Services Ombudsman. The scheme will cover all firms authorised by the FSA.
The document on compensation sets out how the FSA proposes to approach implementation of the Government's decision to have a single compensation scheme.
NOTES TO EDITORS
1. Publication of the consultation documents was announced in response to a written Parliamentary Question from Jackie Lawrence MP [Preseli, Pembrokeshire]. The text of the question and answer is attached.
2. Information on the consultation documents on compensation and complaints handling can be obtained from the Financial Services Authority Press Office on 0171 638 1240.
3. If you have access to the Internet you can find this news release and other Treasury material on this site.
Press Notices 1997 July to December Index