When I was in my second or third year of law school, I remember
having to read some EDR scheme decisions to answer the following
question: "What role do considerations of fairness play in
the EDR decision making process?". In short, my answer
was that it was hard to tell. The legal factors were neatly set
out, but the discussion on fairness was vague. So how, I wondered,
could financial services providers know what to expect?
These decisions were made by the industry-based schemes that
pre-dated FOS and CIO. They disappeared when they suffered the
extinction event of consolidation. Fast-forwarding 15 or so years,
FOS and CIO no longer inhabit the EDR scheme landscape. Instead, we
have
AFCA.
