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Financial Ombudsman Service has never been so vital

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As the Financial Ombudsman Service (FOS) publishes its annual review, Which?’s Richard Lloyd says, "There is clearly a serious problem with complaints-handling in the financial services industry. Never before has the Ombudsman's role been so vital. The government must resist any pressure from the industry to weaken it. The fact that over 200,000 people a year are now having to refer their complaint to the Financial Ombudsman Service - the last port of call - shows that banks and insurers are simply not taking complaints-handling seriously enough. In the very worst cases, firms are seeing more than 90% of cases that go to the Ombudsman being upheld - clear evidence they do not understand the meaning of treating customers fairly.”

Health insurance news: 20 May 2011