Asked by: Gareth Davies (Conservative - Grantham and Stamford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he has taken to ensure the Financial Ombudsman Service deals promptly and fairly with complaints in respect of small financial advice businesses.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government is clear that the Financial Ombudsman Service (FOS) should deal with all cases promptly and fairly. The rules on how the FOS should handle complaints state that ‘The ombudsman will attempt to resolve complaints at the earliest possible stage ’DISP 3.5 Resolution of complaints by the Ombudsman - FCA Handbook’. Inevitably some cases will be more complex than others and therefore take more time to resolves, however the FOS should deal with all cases in a timely manner.
The FOS is an independent non-governmental body. The Treasury is therefore not involved in the day-to-day operations of the FOS and the remit of the FOS is set out by the Financial Conduct Authority. Nevertheless, the Government believes that it is vitally important that the FOS should be accountable for its performance and the quality of its work. The FOS answers to a board of directors, appointed by the Financial Conduct Authority, and must make a report each year on the discharge of its functions which is required to be laid before Parliament. This ensures Parliament is able to scrutinise the efficiency, effectiveness and economy with which the FOS carries out its functions, including data concerning the time it takes for the FOS to deal with cases.
The FOS have been clear that bringing down waiting times is one of their main priorities for 2022/23 as outlined in their annual plan and budget. This includes ensuring cases are allocated more quickly and improving turnaround times by caseworkers. I am pleased to hear that the FOS are also investing in technological changes which they expect to bring down waiting times including further development of a digital portal and implementing additional intelligent automation capability.
Asked by: Gareth Davies (Conservative - Grantham and Stamford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government has plans to issue a sovereign green gilt as part of the transition to a net zero economy.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The government remains open to the introduction of new financing instruments but would need to be satisfied that they would meet value-for-money criteria, enjoy strong and sustained demand in the long-term and be consistent with the wider fiscal objectives of government. The government continues to monitor the case for issuing a sovereign green bond and will keep this under review.