Tag Archives: FOS
Rise in complaints for PPI
This week FOS published its regular newsletter in which it discussed: a rise in consumer credit complaints; statistics on complaints received in the first quarter of 2017/2018; and an update on PPI and the FCA’s new rules and guidance FOS’ Annual Review The annual review published earlier in the summer by FOS identified that complaints about […]
FCA makes new rules
FCA made 4 new rules instruments at its June Board meeting. new fees rules taking effect from 3 July, to raise fees and levies to provide funding for the FOS and MAS to meet their statutory objectives, and to raise necessary funds for pensions guidance services and for Treasury to tackle illegal money lending; the […]
FCA to regulate claims management companies
It was also confirmed in the background notes to the Queen’s Speech that the Financial Guidance and Claims Bill will be brought forward to progress plans previously announced for: FCA to take over the regulation of claims management services. Among other things it will have power to cap fees CMCs charge. FOS will have responsibility for […]
FOS consults on PPI voluntary jurisdiction
In March 2017 FCA announced it was introducing a 29 August 2019 deadline for all PPI complaints to be submitted to firms or ombudsman services (subject to limited exceptions). This rule comes into effect on 29 August 2017 and applies to firms within the FOS’ compulsory jurisdiction (CJ). However, this rule currently will not apply to firms that […]
FOS publishes annual review
FOS has published its annual review for 2016/17, a period which it described as ‘immensely demanding’. Similarly to previous years, FOS reported that much of its activity focused on PPI complaints, but this should finally reduce with the August 2019 time limit for potential claims. The rules and guidance following the Plevin judgement will come into […]
“Law vs morality” – the power of FOS
We have written an article on how the FOS interpreted a complaint on a claim on a life insurance policy in relation to an individual later found to have been in the early stages of dementia when he bought the policy. The case looked at the distinction between where (as was the case here) the insurer […]
FOS updates on plans and caseload
FOS’ latest Ombudsman news highlights its plans for the year ahead and current statistics. Its case updates focus on complaints where mistakes or misunderstandings led to consumer loss, and where financial services providers have helped customers in difficulties when their products did not to what the customer expected.
FCA makes new rules
FCA made several changes to its rulebook at its Board Meeting on 30 March. Key changes include: changes to fees relating to the FOS and periodic fees for exchanges and benchmark administrators; changes to the FSCS management expenses levy limit; implementing the policy proposal for PSR fees; allowing FCA to set fees relating to MiFID […]
Court dismisses judicial review application of FOS decision
The court has dismissed an application for judicial review by Full Circle Asset Management Ltd (FCAM), a firm of financial advisors, of a decision by FOS. FOS had upheld a complaint made by an FCAM’s client, Mrs King, who argued that FCAM had provided her with a portfolio of investments unsuitable for her. Mrs King […]
FOS focuses on complainant age
The latest edition of Ombudsman News looks at the types of complaints FOS addresses from people under 25. PPI is not a concern for them, with the majority of “millennial and post millennial” complaints relating to packaged and current bank accounts (babyboomers make the same proportion of complaints on packaged bank accounts, with Generation X […]
