As someone involved in the call recording industry for many years I find it difficult to believe that the Insurance Ombudsman stressed the importance of firms recording critical telephone transactions some 15 years ago.
Back in 2002 after numerous complaints, the Ombudsman stated 'It is important for everyone, including financial services firms, that there is an effective dispute resolution mechanism for businesses. Our evidence suggests some small businesses currently find it hard to achieve a fair outcome in disputes with financial services firms because court action is not a realistic option for them’.
Fast forward to 2018 and the Financial Conduct Authority has launched a consultation on plans to give more small businesses access to the Financial Ombudsman Service. Currently only individual consumers and approximately 5.5 million of the smallest type of business can access the Ombudsman if they have a dispute with a financial services firm. Approximately 160,000 businesses that cannot access the Ombudsman would need to take a financial firm to court and the FCA believes that many smaller businesses within this group struggle to do this.