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Watchdog given more bite

Customer complaint procedures are to be shaken up in new plans by the Financial Services Authority.


A consultation paper published by the FSA and Financial Services Ombudsman Scheme proposes financial advisers, mortgage lenders, insurers and investment companies must all be regulated by the watchdog.


Product providers and advisers will also have to publish complaint procedures and investigate them swiftly. Customers still dissatisfied must be told about the new ombudsman.


FSOS chief ombudsman Walter Merrick says: “We are well on course to be ready to offer consumers the convenience of a single ombudsman next autumn.”

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