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FOS defers Lehman cases again for three months

The Financial Ombudsman Service is deferring complaints over Lehman-backed structured products for another three months following a request from the FSA.

In May, the FSA and the Ombudsman agreed that the issues relating to structured products fully or partially guaranteed by Lehman Brothers should be considered under the wider implications’ process as it may have greater potential to remedy any consumer detriment.

The regulator committed to updating the ombudsman three months into its review of the products and says although it has completed several elements of its work, the extra time will allow it to explore all options to achieve the best outcome for investors.

The FSA has been conducting a review of the marketing literature for Lehman-backed structured products and is evaluating the findings. It says that a further priority is to prepare for an assessment of the quality of advice for these pro- ducts and that an analysis of the wider market for structured products in the UK will feed into the overall review.

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