I have just heard the latest on the DSS “mistake” – that it could cost £13bn and there is a new department set up to look at cases and pay compensation if the “investor” can prove that the “provider” misled them.
I hope the industry forces the issue that the DSS is probably in breach of the FSA and will certainly lose at the PIAOB on every case. They no doubt will have “no file” and are “non-compliant” and the balance of probability is always given to the investor and the burden of proof is on the adviser or provider.
At £500 a time, innocent or guilty, non-refundable, the cost might rise and the PIAOB will be very busy with the unexpected extra business, sorry, cases to look at. Or is it one rule for them and a different one for the industry?
Director, Cassiobury (Life & Pension) Consultants,