We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. Close

CHAPTER 13 THE FINANCIAL OMBUDSMAN SERVICE

Insurance Disputes

13 THE FINANCIAL OMBUDSMAN SERVICE DR JUDITH P SUMMER 1. HISTORY AND FORMATION OF THE FOS IOB and FOS Page 371 13.1 The Insurance Ombudsman Bureau (“IOB”) was founded in 1981 by three leading insurance companies as a type of alternative dispute resolution service outside of the court system, to resolve complaints by customers against insurers who were members of the scheme. It was a voluntary, industry, non-governmental initiative, at a time when there was no regulator for the conduct of investment or insurance business. Most insurers opted to join the scheme. The law did not have to be applied strictly in the interests of resolving the disputes fairly. The system was also quicker and more economic than the court alternative for dispute resolution, especially in a time before the Woolf reforms. In 2000 the Financial Services Authority (“FSA”) was established as a single financial regulator for most types of large financial businesses, and various separate ombudsman schemes, including the IOB, merged to become the Financial Ombudsman Service (“FOS”).

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, please enter your details below to log in.

Enter your email address to log in as a user on your corporate account.
Remember me on this computer

Not yet an i-law subscriber?

Devices

Request a trial Find out more