The Financial Ombudsman Service (FOS) must not stand in the way of better regulation, insurers have warned.

Responding to the review of the FOS by Lord Hunt, the Association of British Insurers (ABI) said proposals to improve transparency should be welcomed.

However, the industry body had a number of reservations, particularly regarding the rejection of an external reviews process.

"The FOS' decisions can have far-reaching consequences," an ABI spokesperson noted. "We are therefore disappointed that Lord Hunt dismisses the idea of an external appeals process."

The ABI also took issue with rebranding proposals, questioning whether such an idea represented value for money for consumers.

"What is most important is that the public have confidence in the quality and effectiveness of service provided by the FOS," the spokesperson added.

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