View more on these topics

Aifa fears second-tier regulation via Fosbook

Aifa claims that if the Financial Ombudsman Service adopts Lord Hunt’s recommendation for a Fosbook, it could turn into second-tier regulation.

In his review of the FOS, Lord Hunt called for a public interactive system to be developed as the main means of conveying details of its practice and decisions to the industry and consumers.

Speaking at Adviser Live 2008 in London, Aifa deputy director general Fay Goddard said it could potentially become another rulebook.

She said: “It is quasi-regulation if it is not controlled. We are getting very nervous about this becoming second-tier regulation.”

Goddard said it would be wrong to rebrand the FOS as the Financial Complaints Service, which was another of Lord Hunt’s recommendations, as it would confuse consumers and encourage them to refer complaints in the first instance, rather than using the service as a last resort.

She said the Hunt review made some valuable recommendations but Aifa is unhappy that a 15-year long-stop and a joint liability process were not among them. She said: “The recommendations will go some way in improving the existing service but this is evolution, not revolution.”


Life companies fail on open market option

The FSA has warned life companies that Open Market Option standards for annuities must dramatically improve after uncovering shocking evidence that nearly 40 per cent of their consumer correspondence fails to meet regulatory requirements.

Oil industry: only the fittest will survive

The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. anas jamal kabaha 19th September 2010 at 3:35 pm

    fais boke

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm