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Cause for complaint

I have been reading the December 9 edition of Money Marketing in relation to the FOS seeking regulation for no win/no fee endowment complaint handlers.

It always amuses me when I read this as it seems to me that this growth market is one that has been created by the impression that the FOS scheme is one way against advising firms.

With no intrinsic right of appeal internally and evidential rules and cross-examination of complaints being something which is the exception more than the rule, there is little wonder that the cottage industry has complained.

There is no way that there will be separate regulation for this type of firm. Where would they sit? They are not law firms and they are clearly not fin-ancial services businesses. Therefore, they will fall out of the ambit of both acts.

It seems to me that having created this industry, the FOS does not want the ramifications that it will create. There is no doubt that this cottage industry will mean more firms closing, resulting in higher regulatory costs.

The way the complaints handling and creation is going, there will be very few firms left to respond to them and in a perverse manner, the FOS burden will reduce.

Gareth FatchettFinancial Services Legal,Birmingham


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