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‘Regulator is free to interpret FOS data any way it wants’

The Financial Ombudsman Services says the FSA is free to use and interpret its statistics in any way it sees fit after advisers hit out at the regulator over its use of FOS complaint figures.

The FSA’s first RDR newsletter says advisers should not use the fact they are only responsible for 2 per cent of all FOS claims as evidence for why the RDR must be focused on banks. It says IFAs accounted for 12 per cent of investment complaints compared with 29 per cent for the banks. For pensions, it says IFAs accounted for 28 per cent of complaints and the banks 10 per cent. It failed to give a breakdown of how many complaints were upheld or market share for banks and IFAs.

An FOS spokeswoman says: “Organisations and individuals are free to choose how to use and interpret our data. There are no restrictions on how it is used.”

Hudson Green and Associates principal Ian Hudson says: “The FSA is at risk of ruining its own credibility by using statis- tics in this way.”

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  1. Given that the FSA is acountable to no one and to no body other than itself, it’s free to do pretty well anything it wants with virtual impunity. The TSC has had to admit it has no power of influence over what the FSA does or how it does it, whilst Mark Hoban in one breath endorses FSA policy then, in the next, brushes aside calls for intervention by claiming the FSA to be independent of government.

    The FSA sets its own agenda and anyone who disagrees can basically…………

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