View more on these topics

Who holds the FOS to account?

Twice, in the past two weeks, the Financial Ombudsman Service spokeswoman Emma Parker has claimed in Money Marketing that the FOS is a publicly accountable body.

Yet the evidence lined up against Ms Parker’s assertion is formidable. Advisers have no worthwhile appeal mechanism.

A judicial review cannot look at the merit of an ombudsman decision, only at whether due process had been followed. Personal hearings are denied and hearsay evidence and lies can be given the same credence as factual evidence.

Perhaps the most damning evidence comes from chief ombudsman Walter Merricks. In recent years, he has stated that the FOS is “not accountable to ministers”, but, “accountability is extremely important to me”.

Add to this the revelation “We do not have to pretend to ‘find’ what the law is. We unashamedly make new ‘law’.”

Finally, in describing the FOS, Merricks has stated: “It is a one-sided scheme offering an unlevel playing field broadly supported by those playing uphill”.

To whom is FOS accountable? We know it is not financial advisers and Walter Merricks confirms that it’s not Parliament.

The question for Ms Parker is, who is it accountable to?

Alan Lakey
Partner, Highclere Financial Services

Recommended

Turkey set to rival Spain in overseas property market

Overseas specilaist Conti Financial Services has extended its range by offering mortgages for people buying property in Turkey.The broker expects the popularity of Turkey to rival that of Spain with Britons looking to buy abroad.The overall number of enquiries Conti has received from people wanting to purchase property overseas has increased over the past six […]

Make hay while the sun shines

In my last few articles I have discussed a number of key issues which should be of prime importance to clients and, therefore, also to their financial advisers in various aspects of pension planning.

House prices up 1 per cent in August says Halifax Price Index

Halifax’s house price index recorded a one per cent rise in August although it pointed to a slowing price growth rate in the market.The index also revealed that in August house price inflation fell from 9.2 per in June to 8.2 per cent and the group expects the trend to continue over the next few […]

‘Govt wrong to pose as moral custodian’

The Government has a “moral log” in its eye over long-term savings, claims Conservative MP John Redwood. He says the Government claims to be the moral custodian for helping people to invest for the long term but, by promoting premium bonds and the National Lottery, it is encouraging the public to be reckless with their […]

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