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MP wins debate to put the case for appeals against watchdog…

Nick Harvey, the Liberal Democrat MP fighting to save his local IFA&#39s business, has won the right to an adjournment debate on retrospective appeals against the Financial Ombudsman Service.

He will chair a discussion between MPs on retrospective appeals against the FOS with particular reference to IFAs.

Harvey raised the issue to highlight the plight of one of his constituents whose business faces closure because it cannot afford to pay an award made by the watchdog.

Building Societies Association spokeswoman Rachel Blackmore says the BSA believes firms should have a right to have the principles behind a decision reviewed by an independent body or the right to refer significant legal issues to court.

She says: “We do not take the position that the customer&#39s award should be overturned. We favour a relatively speedy process without cost to the customer. We think the outcome should be one that the FOS and the firm would be required to have due regard to, although not &#39binding&#39 in the strict sense and agree with Mr Harvey on the principle the system requires change.”

FOS spokeswoman Alison Hoyland says: “The process is certainly designed to allow the maximum amount of explanation. The majority of cases are resolved through mediation and adjudication. We are particularly careful to warn people to bring all the information at the time a decision is made because afterwards it will be too late.”


Hope rises as Treasury sets CTF cap at 1.5%

Product providers believe the Treasury&#39s justification for raising the price cap to 1.5 per cent for child trust funds should have been applied to stakeholder pensions and should be introduced across the board for the Sandler range. The industry is calling for a more consistent approach to charge capping from the Treasury, which says it […]

About Face

Over the past 18 months, Positive Solutions has been approached by providers and advisers alike asking the question: “Do you do non-regulated or ABI code product sales?” In other words, things such as term and mortgage term through a non-regulated agency. Our answer has always been no. Clearly, this is against the trend. Some pro-viders […]

Nearly half IFAP leads lead to IFAs

Nearly half of people who make enquiries to IFA Promotion visit an IFA and 84 per cent are satisfied with the outcome, according to research for the promotional body by Citigate Dewe Rogerson Research The data shows three quarters of IFA Promotion leads take further action having visited an IFA IFA Promotion chief executive David […]

Clerical cuts bonus rates

Clerical Medical has announced it is to cut regular bonus rates by 1 per cent on most with-profits policies. The change sees many with-profits bonds receive a regular bonus of 1.5 per cent, down from 2.5, and 2 per cent for pension policies, down from 3 per cent. Bonuses on its with-profits income fund are […]


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