It is time for a proper debate about how the Financial Ombudsman Service functions.
One IFA has managed to overturn an ombudsman’s decision in the High Court. The ruling sees a judge questioning the way the ombudsman determines who is and who is not an experienced investor and how compensation is calculated.
Can we suggest that, instead of more advisers taking to the courts, the FOS considers how it operates in certain circumstances. It needs to dispel the suspicion that the benefit of the doubt is always given to the consumer, particularly when assessing just who is an experienced investor and who is not.