View more on these topics

…but CA says watchdog is undermined…

The Consumers&#39 Association has come out strongly against any appeal on FOS decisions.

CA senior policy adviser Mick McAteer, speaking out against IFA trade bodies lobbying for an appeal process, says any additional appeal would further undermine consumer confidence.

He says the investigation into whether the FSA can take cases off the FOS if they have industrywide implications undermines the ombudsman.

McAteer says: “The FOS is the one part of the system that is working fairly well but the Treasury has caved in to industry pressure. It is trying to close down the FOS by making it as ineffective as possible. An appeal process would make it easier for big businesses with deep pockets to tie up consumers in red tape.”

Sofa managing director Brian Lawless says: “I understand the argument that big business has more resources for appeals but it sounds slightly strange that the CA is against appeals for the public who would benefit just as much from them, if not more.”

Recommended

Axa serves and protects

AXA SUN LIFE Capital Protected FTSE Bond Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £5,000-no maximum Term: Five years and six months Guarantee: Original capital returned in full regardless of performance of index Return: Up to 77% growth at end of term Closing date: March […]

ScotEq Protect slashes premiums by up to 30%

Scottish Equitable Protect has cut rates on its mortgage protection products by up to 30 per cent in a radical overhaul of its menu. Taking effect from last week, premiums on level life, critical-illness cover and life insurance with critical-illness cover are down by up to 30 per cent, with decreasing life, CI and life […]

MP wins debate to put the case for appeals against watchdog…

Nick Harvey, the Liberal Democrat MP fighting to save his local IFA&#39s business, has won the right to an adjournment debate on retrospective appeals against the Financial Ombudsman Service. He will chair a discussion between MPs on retrospective appeals against the FOS with particular reference to IFAs. Harvey raised the issue to highlight the plight […]

Redress paid only where it is due

The letter from BMG Williams (Money Marketing, January 8) could have left readers with the impression that approaching the Financial Services Compensation Scheme is an easy way for consumers to get compensation. The FSCS is a fund of last resort for customers of authorised firms, not a bottomless pit. We only pay compensation if a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment