The Financial Ombudsman Service has put itself forward to handle complaints againstclaim management companies and solicitors.It tabled a proposal to the Government following the publication in May of the Legal Services Bill, which will create a new regulator for the legal profession, the Legal Services Board, and a complaint-handling body, the Office of Legal Complaints. Regulation of the claim management sector will start in October after the Compensation Bill was passed last month. FOS spokeswoman Emma Parker says it decided to register its interest after the proposals for the OLC drew heavily on the FOS structure. In his pitch to the Government, chief ombudsman Walter Merricks says the FOS has the infrastructure to handle large volumes of complaints and can generate efficiencies of scale though sharing back-office systems. If chosen, the FOS would operate its new complaint-handling functions under a separate brand. Parker says: “There is a logic behind us being the body but it is not up to us to decide. We have brought eight different regimes together before and have the right skill sets for the job.” Personal Finance Society public affairs director John Ellis says: “I have always said claim management firms should be brought within the structure that regulates IFA businesses.”
Mortgages plc, the UK lender and subsidiary of Merrill Lynch, has today entered the prime buy to let market by launching a range of products which includes prime buy to let and ‘house to let’ options.
Standard Life is accusing Axa of abusing a loophole in small self-administered scheme rules that is set to be closed and has lodged an official complaint with the Revenue. It claims Axa is using the loophole to market its SSAS. It enables small businesses to pass on pension assets tax-free and could, in theory, be […]
The Equity Release Advisory Service has set up a centre of excellence for advisers, called Equity Advice to help train advisers.
Advantage has joined the Governments Open Market Homebuy scheme as its fourth lender.The Morgan Stanley-owned firm has added its name to that of HBOS, Nationwide and Yorkshire Building Society as a partner in the initiative. The Government scheme has come under fire over recent months for failing to attract enough lenders, while those on board […]
Following the surprise return of a majority Conservative government, George Osborne announced that he will deliver a second budget statement on 8 July this year.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]