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Rights and wrongs

I have been an IFA for 25 years and I still get endowment complaints for business written over 15 years ago via ambulance-chasing companies.

Regardless of the fact that they have no chance of the claim being upheld after my initial report, all complaints are referred to the Financial Ombudsman Service. I have found the FOS to be fair in their adjudication and 95 per cent have gone in my favour.

Why then do I have to pay the FOS a case fee when innocent of any wrongdoing? What happened to my human rights?

David Buskell

HFS IFA

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. You should not have to.
    I have not had any complaints. I’m lucky I have only had my own businesss sinece 1998 and hence was not caught up in the endowment problems caused by misregulation and misrepresentation associated with the lautro rates fiasco and withedrawel of MIRAS etc.
    Even under FOS rules unless there are exceptional circumstances all complaints about advice in excess of 15 years should be kicked out withotu merit and if deemed fraudelent or vexatious which many with ambulance chasers could at least be described as opporunistic a case fee should not apply. Legally our Human Rights HAVE been ignored by the F-pack and they will continue to get short shrift from me and otehr advisers on this subject whether we have had complaints or not. My Ltd company was established in 2004, hence the 15 year longstop is NOT an issue for me yet and god help them when we get to 2019 if they try to do what they are doing to you to me as I will NOT pay a penny to anyone for complaints after the longstop and will fight tooth and nail.

  2. Ombudsman Rights and Wrongs
    David Buskell’s letter (Money Marketing 11th June 2009) was right on the button, ie there is no human rights for IFA’s when it comes to FOS case fees. In fairness, we too have found the FOS to be very fair in their adjudications. We have had 9 cases referred to them by ambulance chasers, all of which, as we expected were thrown out. Mr Buskell’s point, rightly made, is that whilst he was innocent of any wrong doing he was still hit with the fees. The chasers on the other hand, have absolutely nothing to lose. One or two of the cases we had were as comical as claims for second home expenses! An amusing case where a fee became payable was where the complainants brother a tied agent had actually sold her the policy over 20 years ago which somehow was placed through our agency without our knowledge or consent, ie. we have never met, spoken or communicated with the complainant or arranged any business for her. When the policy eventually failed to reach target on maturity, the lady complained direct to the Life Office who in turn, referred it to us. Having establshed that we were not involved in the sale, we advised the complainant that we could not be helf responsible. The case was then referred to FOS who whilst truning the complaint down also held US responsible for their fee! So as you say Mr Buskell, where is the human rights?

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