FOS update on publication of complaints data

The Financial Ombudsman Service (FOS) has published a statement, following its October 2016 Consultation Paper and December 2016 Feedback Statement on complaints data publication.

The Feedback Statement included FOS’s commitment to work with stakeholders to explore a new measure of cases received per 100 FCA-reportable complaints, and to report some resolved PPI complaints by volume only for a limited period.

Several respondents to the consultation suggested a measure of new cases per 100 FCA-reportable complaints, or a “referral rate”. This would require using the FCA’s published complaints data alongside FOS’s own data to calculate the percentage of complaints received by a financial business that were then referred to FOS.

After considering the potential new measure, FOS has concluded that the rate is not suitable for inclusion in complaints data published by the FOS. In reaching its decision, FOS said that it has identified further issues that make accurately calculating it more difficult than originally anticipated.