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Tiner says principles don’t mean new FOS rules

The FSA has moved to allay concerns that the move to principle-based regula-tion and the rewriting of Cob will result in the Finan- cial Ombudsman Service creting new rules to fill the vacuum.

Speaking at the Apcims annual conference in Bar- celona last week, FSA chief executive John Tiner said he acknowledged industry worries that the move to more principles could mean FOS interpreting high-level rules differently from the regulator.

But Tiner said these fears are misplaced as less than 5 per cent of FOS decisions turn on the interpretation of FSA Cob rules and even fewer in other sectors.

He told delegates that he did not envisage NewCob resulting in any significant changes to case outcomes or the FOS developing a new approach to replace a rule that has been removed.

He said: “The anxiety is that firms which believe they are complying with the FSA’s requirements may nevertheless find complainants are able to win their cases at the FOS. I understand why this worries you but I think that your fears are misplaced.”

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