View more on these topics

Defence union takes step forward in FOS challenge

The IFA Defence Union claims it has moved a step closer to securing a legal challenge against the Financial Ombudsman Service for breaching the Humans Rights Act after getting a solicitor’s backing.

The IFADU has received written opinion from solicitor Clarke Wilmott that it has a fair chance of securing a judicial review based on one of five cases where IFA firms were found guilty of endowment misselling.

Clarke Wilmott agrees with the IFADU’s contention that the removal of the right of defence under FOS Disp rules in the form of a 15-year long-stop, available under general law, is a breach of the Human Rights Act. It adds that the removal of the long-stop allows for an essentially open-ended liability involving “stale” cases with incomplete and unreliable evidence.

IFADU chief Evan Owen says he aims to mount a challenge in the European Court of Human Rights in Strasbourg but has to exhaust all domestic legal avenues first.

He says: “This is a major step forward. The only thing holding us back is the cost.”

FOS spokeswoman Emma Parker says: “A solicitor paid by Evan Owen is entitled to their opinion but it is a good thing we are publicly accountable.”


Watchdog slams DWP’s inadequate consumer information

The Department for Work and Pensions has been criticised for failing to make adequate information available to pensioners and disabled people. The National Audit Office and work and pensions select committee say they found the DWP’s pension information leaflets for these two groups very difficult to obtain. Their findings cast doubts over the Government’s ability […]

HBOS mortgage business shines in 2006

HBOS has revealed a dramatic increase in mortgage lending over the first six months of the year. Its estimated gross market share increased to 22 per cent, from 21 per cent over the same period last year – with the figures up from 27.6bn to 35.3bn. The mortgage book grew by 10.3bn, representing an estimated […]

Big leap in lending as HBOS share rises

HBOS has seen a dramatic rise in mortgage lending over the first six months of this year. Brokers believe the UK’s biggest lender is unlikely to be hit by the emergence of new players in the market because of its vast size and reputation. HBOS reported an increase in gross lending to 35.2bn from 27.6bn […]

Government clinging to the notion of stakeholder success

The Government is still clinging to its view that stakeholder pensions have been a success despite criticism of the regime from MPs, trade bodies and the FSA. Responding to a Treasury select committee report on NPSS regulation, the Government says stakeholder pensions have been a success in reaching their target audience. It says over 2.7 […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


News and expert analysis straight to your inbox

Sign up


    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