Mass claims: ADR/regulation · 0 50,000 100,000 150,000 200,000 250,000 300,000 2003 2004 2005 2006...

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© copyright 2013 – not to be reproduced without permission from David Thomas Mass claims: ADR/regulation In UK financial services

Transcript of Mass claims: ADR/regulation · 0 50,000 100,000 150,000 200,000 250,000 300,000 2003 2004 2005 2006...

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Mass claims: ADR/regulation

In UK financial services

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Who am I?

Retired Chief OmbudsmanFinancial Ombudsman Service in UK

Member of Supervisory BoardLegal Ombudsman in UK

Member of network committee (chairman 2011-12)International Network of Financial Ombudsmen

Advised in 20+ countries worldwide, including for The World Bank, European Commission and USAID

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Financial ombudsmen worldwide

GreeceFinlandFranceDenmarkCanadaChileCzech RepublicBelgiumBosnia & Herzegovina(Republika Sprska) BotswanaArmeniaAustraliaAustria

Poland NetherlandsNew ZealandNorwayMalaysiaMaltaLithuaniaLuxembourgKazakhstanIndiaIrelandItalyHungaryGermany

United KingdomUSATaiwanTrinidad and TobagoSaudi ArabiaSenegalSlovakiaSouth AfricaSpainSwazilandSwitzerlandSwedenPakistanPeru

Financial ombudsmen (sometimes under other names) in -

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Previous financial ombudsmen in UK

1980s: separate industry-based voluntary schemes:- insurance- banking

1990s:separate regulator-based schemes:- investment advice- investment management

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Financial Ombudsman Service

2000: established by lawsingle combined schemelater extended to new areascompulsory for 100,000 financial businesses

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Enquiries (1,000,000+ per year)Cases (250,000+ per year)Mediation RecommendationDecision, binding if consumer acceptsUp to 150,000 GBP / 180,000 EURPublish data on named businesseswww.financial-ombudsman.org.uk

FOS process and powers

http://www.financial-ombudsman.org.uk/
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New FOS cases in the last 10 years

0

50,000

100,000

150,000

200,000

250,000

300,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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0100,000200,000300,000400,000500,000600,000700,000800,000

bank andcredit card

charges

mortgageendowments

paymentprotectioninsurance

those threetopics

everythingelse

Impact of mass claims

Out of > 1,400,000 cases in last 10 years

Currently 650 each working day

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Lead casesIdentify ‘clean’ typical case(s)Progress as lead case(s)Put other (follow-on) cases on holdDecide lead case(s)Then ask parties how follow-on cases differWorks well on standard contract clausesBut cannot deal with individual ‘suitability’

SpreadsheetsSimplify communication (only)

‘Lead cases’ and ‘spreadsheets’

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2008Civil Justice Council proposed collective actionsgenerally. Government did not favour.

2009Government proposed, in financial services,collective actions + consumer redress schemes

2010Consumer redress schemes adopted, andcollective actions dropped

Collective actions / schemes

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Potentially conflicting legal objectives

Ombudsman

Fair redress in the circumstances of the individual case for those who complain

Regulator

Fair result across the market for those who apply (and maybe who don’t)

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Regulator considers:- widespread problem exists- a court would award redressRegulator can require businesses:- to take various steps and- issue a redress determination Consumer can appeal to ombudsman,who decides if business has donewhat the regulator required

Consumer redress scheme

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Consumer redress scheme

Outside schemeFair redress in the circumstances of the individual case for those who complain

Inside schemeSpecified result for those who apply (and maybe those who don’t)

Across market/single financial businessPublic accountability by regulatorOmbudsman applies scheme result

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Single-business schemesMortgage interest rate variationInvestment fund management

Across-market schemeInvestment fund sales

Informal schemeCash-machine (ATM) withdrawals

MeanwhileFOS still wading through PPI cases

Experience to date

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Mass claims: ADR/regulation

In UK financial services


Connecting Loudoun and Prince William Counties · Park . 2010 2040 Forecasted: 50% increase by 2040 . Rapid Growth: Jobs 6 0 50,000 100,000 . 150,000 . 200,000 250,000 300,000 Loudoun

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PEOPLE & MONEYDB3A15FD-23D0...European labour created ideal conditions for house-building. 1972-73 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Housing completions

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Housing Demand Fueling Land Sales - Colliers International · Multi-Family Permits Construction Employment-20%-10% 0% 10% 20% 30% 40% $50,000 $100,000 $150,000 $200,000 $250,000 $300,000

Housing Demand Fueling Land Sales - Colliers International · Multi-Family Permits Construction Employment-20%-10% 0% 10% 20% 30% 40% $50,000 $100,000 $150,000 $200,000 $250,000 $300,000

Business’model’innovaon’in’an’emerging’ ecosystem ... · Plug-In Electric Vehicle sales and market share 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2011

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PRESENTS The Changing Demographics of Oklahoma · Hispanic Population 1970 ‐ 2010 Oklahoma. 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000. 12,209 57,431 86,160 179,304

PRESENTS The Changing Demographics of Oklahoma · Hispanic Population 1970 ‐ 2010 Oklahoma. 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000. 12,209 57,431 86,160 179,304

savills.com · 10% $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Avg. $/room Median Yield Australian Hotels Average $ per Room and Median Yields Jan 09 to Sept

savills.com · 10% $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Avg. $/room Median Yield Australian Hotels Average $ per Room and Median Yields Jan 09 to Sept

Fitch Ratings Update (05.29.2015) · 7/9/2015  · Review of Key Economic Indicators $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 ... Vanguard conference

Fitch Ratings Update (05.29.2015) · 7/9/2015  · Review of Key Economic Indicators $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 ... Vanguard conference

Church Street Marketplace · Facebook Followers Instagram Followers Twitter Followers 10. Social Media Impressions 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000

Church Street Marketplace · Facebook Followers Instagram Followers Twitter Followers 10. Social Media Impressions 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000

Integrating Data with Conservation Management Strategies · Benchmarking 01753 833 880 ask@aquafund.com 0 50,000 100,000 150,000 200,000 250,000 300,000 Site 1 Site 2 Site 3 Site

Integrating Data with Conservation Management Strategies · Benchmarking 01753 833 880 [email protected] 0 50,000 100,000 150,000 200,000 250,000 300,000 Site 1 Site 2 Site 3 Site

Conner Using Students - TaxAdmin.org · call volumecall volume 400 000 450,000 500,000 call attempts average call attempts 150,000 200,000 250,000 300,000 350,000 400,000 calls 0

Conner Using Students - TaxAdmin.org · call volumecall volume 400 000 450,000 500,000 call attempts average call attempts 150,000 200,000 250,000 300,000 350,000 400,000 calls 0

MLB All Star Game - npeca.org · 3 SpendingPulse Existing Capabilities: Scaled Dollar Estimates $-$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000

MLB All Star Game - npeca.org · 3 SpendingPulse Existing Capabilities: Scaled Dollar Estimates $-$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000

3rd Qtr 2018...3 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 September 2015 September 2016 September 2017 September 2018 $232,826 $269,407 $302,380 $375,990 Total

3rd Qtr 2018...3 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 September 2015 September 2016 September 2017 September 2018 $232,826 $269,407 $302,380 $375,990 Total

Board Meeting December 2, 2016 · 12/2/2016  · PK12 & Device Grant Update $-$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 PK 12 Innovative STEM Project

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Presentación de PowerPoint - United Nationsggim.un.org/.../documents/Session_1b_Jose_Sarukhan.pdf0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 1998

Presentación de PowerPoint - United Nationsggim.un.org/.../documents/Session_1b_Jose_Sarukhan.pdf0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 1998

School District of Philadelphia · $150,000 $200,000 $250,000 $300,000 $350,000 ... Schools are allotted regular education teachers to meet specified class size limits and to provide

School District of Philadelphia · $150,000 $200,000 $250,000 $300,000 $350,000 ... Schools are allotted regular education teachers to meet specified class size limits and to provide

California Health Care Almanac | California Nurses: · PDF file©2014 California HealtHCare foundation 3 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 1997 2004 2006 2008

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Diphtheria, Tetanus, and Pertussis DTaP/DT and Tdap/Td ... · Reported NNDSS pertussis cases: 1922-2015* 0 50,000 100,000 150,000 200,000 250,000 300,000 Number of cases Year *2015

Diphtheria, Tetanus, and Pertussis DTaP/DT and Tdap/Td ... · Reported NNDSS pertussis cases: 1922-2015* 0 50,000 100,000 150,000 200,000 250,000 300,000 Number of cases Year *2015

Status of Regional Haze Plans · Western State Power Plant Emissions (1995-2006) 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 ... UT Pacificorp

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Annual Report 2008 - ZEONOverview ZEON CORPORATION 2008 1 Net Sales （ Millions of yen） 2004 2005 20062007 2008 0 50,000 100,000 150,000 200,000 250,000 300,000 Net Income （ ）

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COMTREA (Community Treatment, Inc.) Minutes Apr 7 2014 and handouts.pdf · CASH BALANCE FY 2012 CASH BALANCE FY 2013 CASH BALANCE FY 2014 $300,000 $250,000 $200,000 $150,000 $100,000

COMTREA (Community Treatment, Inc.) Minutes Apr 7 2014 and handouts.pdf · CASH BALANCE FY 2012 CASH BALANCE FY 2013 CASH BALANCE FY 2014 $300,000 $250,000 $200,000 $150,000 $100,000