Tag Archives: FOS

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes minor changes to: DEPP due to a change in FCA’s governance structure LR, in the meaning of Premium Listing Principle 6 and, to DTR, on where diversity reporting may be located under corporate governance reporting requirements DISP relating to access to FOS for PEPs, and referrals to TPO the Glossary definition […]

Insurance broker loses authorisation over non-compliance with FOS award

The Upper Tribunal (Tax and Chancery Chamber) has upheld FCA’s decision to cancel the permission of Larksway Investments (an insurance broker), following non-compliance with a FOS award. FOS had upheld a complaint against Larksway in relation to a claim on a specialist landlord’s insurance policy, which Larksway was required to comply with promptly under DISP.  […]

FCA bans firm for failure to comply with FOS award

FCA has cancelled the permission of Foreman Financial Services Limited for failure to remain fit and proper and specifically for breach of DISP rules and Principles 6 and 11. The firm had advised a customer to transfer his pension into a SIPP to fund a property investment. The customer complained to FOS that the firm […]

FOS updates on PPI and other complaints

The latest edition of Ombudsman News highlights: FCA’s PPI complaints deadline awareness campaign, and the common questions FOS gets from people looking to complain about PPI. FOS has seen a significant increase in people contacting it about PPI in the last quarter. From here on, it says its workload will depend on how fairly firms […]

FOS feeds back on PPI time limit changes

FOS has published feedback to its consultation on changes to the time limits for PPI complaints. It merely confirms the amendment to the Voluntary Jurisdiction in line with FCA’s changes to the Compulsory Jurisdiction. The relevant instrument took effect at the end of August.

FOS updates complaints data

FOS has published individual complaints data for H1 2017, relating to businesses in relation to which FOS both received and settled at least 30 cases during the period. FOS says these firms comprise around 95% of the total cases it handled. The highest levels of complaint related almost entirely to PPI claims, with the only other significant […]

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 […]