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Call for evidence in FOS probe

The independent review of the Financial Ombudsman Service will investigate if a court-like process for investigating complaints would improve the way that the FOS operates.
Lord Hunt of Wirral published his call for evidence this week, outlining the scope of the review, including whether a court-like process would work, whether details of individual cases should be made public and if improvements can be made to the information that the FOS releases regarding its processes.

The document asks whether the FOS should align its practices with those of the legal profession.

It says: “There is scope for debate about how far a more court-like process would aid transparency and thus boost confidence or, alternatively, add cost and delay and be perceived as less acc- essible by at least some consumers”.

The call for evidence highlights the tension between giving greater transparency to allow consumers and businesses better insight into the FOS and worries about avoiding prescription in a process where the FOS applies principle-based regulation.

The Hunt review will inv-estigate how the FOS can improve the communication of its policies with the industry and consumers.

Lord Hunt aims to report to the FOS in the first quarter of next year.


European Parliament to look at helping those who buy properties abroad

The European Parliament will be looking closely in the near future at providing more help for people buying properties abroad.MEP and European Parliament vice-president Diana Wallis yesterday told mortgage journalists at the unveiling of BM Solutions first European buy-to-let study that the current parliament is keen on making sure that databases across Europe, particularly in […]

Judge’s payback ruling on endowment redress

A Judge has ruled that an IFA’s client must pay back the endowment misselling redress ordered by the financial Ombudsman Service if their policy matures above the expected level, leaving no shortfall.In what is thought to be the first case of its kind, a County Court in Wales ordered the client to pay back the […]

Band of hope

Technical Connection’s John Woolley explains the implications of the changes to inheritance tax proposed in the pre-Budget report

Suffolk sets up Sipp deal

Suffolk Life has launched a trust-based Sipp product which will allow customers to self-invest protected rights money.The firm’s existing trust-based Sipp will be closed to new business from November but customers will be able to remain in the Suffolk Life Deed Poll scheme if they wish.However, they will have the option to transfer into the […]


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