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‘Disp rule changes have brought a mess’

The FSA’s Disp rule reforms make it harder for firms to handle complaints properly and easier for unscrupulous firms to avoid responsibility, says compliance consultant Adam Samuel.

Samuel says the regulator’s rewrite of Disp under Newcob, which amends the complaint-handling rules to remove certain prescriptive requirements, has created a “complicated mess”.

He believes the new regime fails to indicate the scope of the complaint process and fully answer questions, such as who can complain, who can be complained against and what can be complained about.

Samuel also criticises a new rule which exempts any case covered by the free-standing AVC review from Disp.

He says consumers who received a mailing under the review were not told that, by failing to respond ,they were giving up their right to bring a subsequent claim. He says a similar arrangement for mortgage endowments was torn apart by the Treasury select committee and subsequently changed by the FSA.

Samuel says: “The FSA has made a mess of its first opportunity to reform the complaint rules. It needs to sit down urgently with people who understand the complaint rules and redraft its second-rate proposals before it is too late.”


Law Society launches dry run of Hips

The Law Society has committed to Home Information Packs by launching its pilot scheme in six locations across the UK.The Law Society’s dry run aims to prepare solicitors for Hips ahead of their mandatory introduction in June 2007 and will run alongside the Association of Home Information Pack Providers’ early roll out of Hips.The pilot […]

Stop abuse with clear disclosure

It is mildly heartening to read that Clive Briault is, albeit in the FSA’s familiarly oblique and somewhat roundabout way, admitting that commission in itself is not evil but rather it is the abuse of the commission system that is the cause of so much of the industry’s bad reputation. Hey, well done, Clive. Cracking […]

Drawdown down under

Ship chief executive Jon King describes how the Australian equity-release market has drawn on the lessons learned from the UK experience

Going to town

The announcement that Isas are here to stay should give them a fillip ahead of the 2007 season but fund firms are increasingly trying to remind investors that they do not have to wait until the last minute to invest. By Matt Goodburn

CGT entrepreneurs' relief

Entrepreneurs’ relief is due, subject to meeting certain conditions, in respect of capital gains arising on ‘material disposals of business assets’. These ‘business assets’ include: Read more


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