White & Case reviews statutory dispute resolution processes in the financial sector as part of report to HM Treasury
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White & Case has been supporting UK Finance on their response to HM Treasury's (HMT) phase-II consultation on the financial-services future regulatory-framework (FRF) review. Central to the current dispute-resolution process is the Financial Ombudsman Service (FOS), which plays a valuable role in providing a fair and effective alternative-dispute-resolution (ADR) service. Our London Contentious Financial Services Regulatory team, led by Partner Chris Brennan and Associate Zeena Saleh, prepared a report that examined the role played by the FOS, how it performs its statutory function and whether there are areas that require behavioural, operational and/or structural reform. The report demonstrates a clear case for change, providing potential solutions that will require further consideration, impact assessment and consultation – Chris Brennan summarises the report findings.
The UK Finance response recommends that any future regulatory framework supports, and is supported by, an overarching vision for the future of UK financial services, both domestically and internationally. Our report recognises that the process for resolving complaints will play an important role in that regulatory framework, and that the existence of a fair and effective statutory mechanism for resolving disputes is vital for both consumers and firms that provide banking and finance services. We will continue to support UK Finance and its members in their discussions with HM Treasury.
UK Finance's response to HM Treasury can be downloaded from their website.
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This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.
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