View more on these topics

Watchdog blundered with probe over PHI

A botched Financial Ombudsman Service investigation into an IFA firm has exposed worrying levels of confusion among the watchdog’s front-line staff, says a Croydon IFA.

The FOS has admitted mistakenly launching a probe into Mortgage Life & Pensions over the alleged misselling of a Swiss Life PHI policy after its staff failed to recognise that the product was non-regulated and that it had not yet been issued to the client.

In a letter responding to MLP senior partner Paolo Standerwick’s concerns over the investigation, an FOS senior consumer consultant says: “I can advise that until we have sight of evidence that the proposed policy that the client was advised to enter into is outside the remit of this office, we are at this stage unable to alter our decision.”

But in another letter issued to the complainant, after consulting Swiss Life, the consultant says: “It appears that your complaint falls outside the remit of this office, as the product that is the question of your complaint has no investment element attached to it.”

The FOS has since declined Standerwick’s request for compensation for the mishandling of the case and “wasted time”.

But in a letter to Standerwick, a member of the FOS service quality team says the volume of enquiries handled by the ombudsman makes it inevitable that some cases will prove “problematic”. It adds: “I am satisfied that the majority of the general public and, indeed, the regulated firms, continue to have confid- ence in the service and that they and we are, in general terms, aware of the scope and limitations of our remit.”

Standerwick says: “This is a real danger to the industry which we are pow- erless to do anything about. It is ridiculous that the front-line staff at the FOS do not even know what is in their remit. Why should it be my responsibility to tell them what is in their jurisdiction?”


Fly First EIS plans take off

Fly First is an enterprise investment scheme aiming to raise up to 25m to establish a new airline for business travellers flying between Luton airport and New Yorks Newark airport.

Dalton Strategic Partnership launches Greater China opps fund

DSP is launching the Melchior Greater China opps fund, to be managed by Henrietta Luk. The fund aims to achieve long-term capital growth by investing in a concentrated portfolio of stocks. Luk, based in Hong Kong, achieved annualised returns of 22.09 per cent over the four years to 31 December 2004 when she managed the […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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