Ombudsman to ‘name and shame’ repeat offenders

Finance houses face a new “three strikes and you’re out” policy under new rules allowing the Financial Services Ombudsman to name and shame.

The FSO will be able to identify banks, insurance companies, and investment firms that have three complaints against them upheld.

An FSO spokesman said the law, due to come into force on Sept 1, will make companies learn from past grievances and improve services for customers.