View more on these topics

Is watchdog over the limit?

The Financial Ombudsman Service is facing a judicial review of whether it is acting outside its powers when hearing complaints from some categories of advisers.

If successful, the review would mean the ombudsman would not be able to hear certain cases and it could have repercussions for past rulings.

Two firms want to test whether the FOS should have applied a 15-year time limit since any disputed sale on cases heard. Their law firm also believes that because, under past regulation, advisers had to keep cases for six years only, the ombudsman should accept that it cannot use lack of records to deduct that the adviser missold or had been reckless.

Law firms representing advisers have been looking for this opportunity for some time and at least one case in the past has seen the ombudsman change course before it came to court but the firm believes it now has two cases involving advisers which will definitely be heard.

We live in a pro-consumer world – in which consumers are almost presumed to never lie – but a favourable review by the court might redress the balance.

It would, like any system which is not foolproof, let some missellers off the hook but it still might be justified if advisers innocent of misselling are curr-ently being penalised for some-thing they did not do years ago.


Complaints fall 20% on income protection

The Financial Ombudsman Service received almost 20 per cent fewer complaints for income protection insurance in the past year while complaints for payment protection and similar products rose by nearly 40 per cent.The FOS annual review, released last week, revealed that 891 complaints were received for income protection insurance in the year ending March 31 […]

Rowanmoor in SSAS move on property

SSAS provider Rowanmoor will retain in-specie contributions for its SSAS and family pension trust for property where a recent independent valuation has been obtained.

Broker Talkback

Should Hips be scrapped completely?Yes 87% No 13% Yes “They are no use to anybody, man or beast.”Paul Bovey, Nelson Dean Associates Yes “They are a complete waste of time and ruin the freedom of choice both for sellers and buyers.”Keith Lilley, Tower Financial Services No “In essence, they are a good idea that could […]

DC members missing out on £225m of employer pension contributions

Nearly 40 per cent of defined contribution pension scheme members are failing to take advantage of pension contribution matching from their employers to the sum of £225m per annum.According to research by Xafinity Consulting, younger members of the schemes are the least likely to gain maximum employer contributions which Xafinity says indicates a degree of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm