N2 review response puts FOS, FSA in firing line

The Financial Ombudsman Service is becoming a policy making body in its own right and the FSA is creating problems because of failures in the way its duties are defined by the FSMA 2000, according to criticisms from APCIMS-EASD in its response to the Treasury's N2 review. The Association of Private Client Investment Managers and Stockbrokers-European Association of Securities Dealers' chief criticism of the ombudsman service's current role is that the rules defining its operations mean it is intent on interpreting FSA rules rather than applying them. "There is some disquiet ab...