The FSA has been forced to apologise after its contact centre mistakenly informed a former IFA that there was a 15-year cut-off point on complaints to the Financial Ombudsman Service.Brian Lentz, formerly a principal at IFA firm Portfolio, was trying to seek clarity on FOS jurisdiction from the FSA’s contact centre. He wanted to know whether the 15-year time limit specified in the 1980 Limitation Act also applied to complaints to the FOS. In a letter to Lentz, a member of the FSA’s Regulatory Services Business Unit said the maximum time limit in which a complainant could come forward was 15 years, even if a six-month warning letter was not sent to the customer. Earlier this month, the FSA wrote to Lentz admitting it had made a mistake. The FSA says it is reviewing how this mistake occurred and has taken steps to ensure that its contact centres are “fully aware of the correct position”. FOS spokeswoman Emma Parker says the 15-year long-stop under the Limitation Act was deliberately excluded from FOS rules because of the long-term nature of many investments. FSA spokesman David Whitely says: “Dealing with so many enquiries, there will occasionally be breakdowns in communication. This has been addressed and we hope it will not happen again.”
Millfield’s disclosure that its talks with a buyer have fallen through and that it has now brought in turn-round consultants poses the questions of why did the deal fail and can the consultants revive the business?
BM Solutions is on course to achieve a record month of applications. The firm says it received its highest number of applications ever submitted in a 24-hour period on May 9 at 145m. The lender says it is on target to record 1bn of applications this month.
Miton Optimal and Insinger de Beaufort are becoming increasingly cautious on emerging markets and commodities amid expectations of a short-term correction.
Why vote for demutualisation when Standard Life is thriving again?
‘Work like a dog day’ recognises the hardest-working people. On this day, employers show their appreciation for all of their employees who carry the heaviest workloads.
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JP Morgan Asset Management has hired three ETF distribution and product specialists as it continues its push into passive investments in Europe. The firm has appointed Olivier Paquier as head of continental Europe ETF distribution. Paquier held similar roles at State Street Global Advisors and Amundi. To lead the distribution in Switzerland the company has […]
Self-invested personal pension provider Curtis Banks has hired former Axa Wealth and Elevate IFA distribution head Dave Stratton as its sales director, as a trading update for the company reports a £4bn increase in assets under administration. Stratton was in charge of moving Elevate to Standard Life, following the acquisition in 2016. According to his […]
The chief executive of the Financial Omubdsman Service has rejected claims that the adjudicator is too consumer-focused in its approach. Appearing before some of the MPs on the Treasury committee today, Caroline Wayman said that the FOS’ objective was to decide complaints on a fair basis for both firms and individuals. She said: “We are […]