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‘FOS is not compatible with human rights rules’

The FSA’s partial victory in a compensation dispute with an IFA has exposed the Financial Ombudsman’s procedures as incompatible with European human rights legislation, says the IFA Defence Union.

The court ordered IFA Bill Matthews of William’s Life Pension & Insurance Services to pay 82,000 plus costs after he transferred two clients out of the Mineworkers’ Pension Scheme but it censured the FOS for failing to tell him he had a right to an oral hearing.

The judge described Matt-hews as an “ostrich” for failing to deal with the case promptly.

IFA DU spokesman Evan Owen says: “The Ombudsman procedure has been exposed as incompatible with the Human Rights Act 1998. We will back IFAs wanting to take the Omb-udsman to the European courts.”

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By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

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