Brendan Burgess
Founder
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Here are the questions and my answers in case you want to think about them before responding.
3 The FSPO’s role is to investigate complaints made against financial service providers and pension providers. What do you see as the key issues the FSPO should consider in delivering its statutory role over the next three years?
I am not sure that it's up to the FSPO to decide the Key Issues. They will be decided by the nature of complaints made. There are lots of practices which should be outlawed e.g. mortgage providers discriminating between new and existing customers and Vulture Funds charging much higher rates than the lender who sold the mortgage. But the FSPO can only respond to the complaints it receives.
4 Considering recent, current and future developments in the environment in which financial services and pension services are delivered, what advances or changes do you believe may be of significant relevance to how the FSPO delivers its statutory functions over the next three years?
Nothing to suggest
5 Are there particular areas where you believe the FSPO could be more effective and innovative?
The very long delays discourage people from complaining and from pursuing their complaints when they have complained.
You should try to issue preliminary decisions on simpler issues much faster and get rid of them.
While I know that each case must be considered on its merits, you should bundle similar cases together and publish the decision at the same time so that complainants and their advisors could compare and contrast. You should publish guidelines for complainants and financial institutions on recurring issues so that complainants don't waste their and your time making complaints and financial institutions don't waste their time and your time defending indefensible complaints.
For example - the following features will suggest we uphold the complaint and the following features will suggest we will reject the complaint.