View more on these topics

Service is aiming to settle disputes without involving the FOS

Former Financial Ombudsman Service adjudicator Jane Sanders is setting up an alternative dispute resolution service for firms wanting to bypass the ombudsman when dealing with complaints.

Sanders says the FOS’s own rules allow complaints to be dealt with through an alternative service with the complainant’s permission.

Disp 3.3.4 states that the ombudsman may dismiss a complaint if “the subject matter of the complaint has been dealt with, or is being dealt with, by a comparable independent complaints scheme or dispute-resolution process”.

She says firms can include a clause in their terms of business, stating that mediation will be used to handle complaints rather than the FOS.

Sanders is awaiting accreditation as a professional commercial mediator from the Centre for Effective Dispute Resolution.

She says: “Providing that clients consent, disputing parties can choose to resolve their dispute using a recognised ADR specialist, as recognised by FSMA and Disp, leaving their legal rights intact, a boast that the FOS arguably cannot make.”

The FSA refused to comment on the service specifically but a spokesman says: “Nothing that firms include in their terms of business can take away a consumer’s ultimate right to refer a complaint to the ombudsman.”

Recommended

Quantum of solace for bonds

This year is shaping up to be ghastly for stockmarkets. Yet with all falls, opportunities do arise and this is the case with corporate bonds. Indeed, Stephen Snowden of Old Mutual is so confident that he has put a considerable amount of his own money into his fund.

Web tool assesses TCF

Marketing group Golley Slater has developed a web-based tool, Kaleidaview, which measure firms’ success in implementing the FSA’s treating customers fairly initiative.

Finding value in UK equities

By Mark Martin, Investment Director & Head of UK Equities Register for a live update on 9 July at 14.30 with Mark Martin, who will be discussing Chancellor George Osborne’s ‘emergency’ summer budget, the UK equity landscape post May’s General Election and his outlook for the second half of 2015. Mark will also highlight the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com