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ABI : “focused approach” the best method for transparency

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The Association of British Insurers (ABI) has questioned whether publishing all findings from the Financial Ombudsman Services’ (FOS) is the best way to achieve transparency, in its response to the FOS consultation on the Issue.

The ABI says that, while it supports greater transparency, it questions whether total publication is the most effective approach to achieve this.

Maggie Craig, Director of Financial Conduct Regulation at the ABI, 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.”

The ABI went on to say that publishing all findings would be impractical and potentially misleading for consumers.