The Financial Ombudsman Service (FOS) hopes new online security tools will make it easier to resolve complaints against advice firms.
Encrypted communication platforms are being adopted by financial service firms to add extra security to client data.
As well as making it harder for data to fall victim to attacks, such platforms can also hold a firm’s entire communication history.
Rob Reid, chief operating officer at online security firm StayPrivate, said this information could make it easier for firms to resolve complaints with the FOS.
‘There is a full history of all communications, so from a governance point of view and for the purpose of ensuring trust between client and adviser, everything is in one place,’ he said.
‘Most importantly, clients trust the service because it’s all written down, they can access information, can see what was said and discussed, and therefore are more confident to make investments and give financial firms more business.’
A spokesman for the FOS said access to information was often a problem when resolving complaints.
‘The ombudsman service is supportive of innovation which benefits businesses and consumers,’ he said.
‘In some complaints, one of the issues we grapple with is the different accounts of what the consumer told the business or what the business told the consumer so a platform which provides evidence about what was exactly said may help to clarify exactly what was said during the advice process.’
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