The Financial Services Authority and the Financial Ombudsman Service have published updated procedures for complaints handling but say an external appeals process will not be introduced on 'wider implications' cases.
Under the new arrangements the FSA and the ombudsman will have nominated individuals within both organisations who will act as contact points for wider implications cases and be responsible for communication and co-ordination.
Named individuals will be expected to be available to receive recommendations from firms, trade bodies and consumer bodies and liaise between the FSA and the FOS in order to ensure the referral process and any feedback is administered efficiently.
However, following consultation with firms the FSA says it does not intend to recommend the government introduce an external appeals process saying the majority of larger firms and consumer bodies were opposed to the introduction of such a scheme.
Clive Briault, managing director retail markets at the FSA, says the new arrangements clarify the different roles and responsibilities of the FSA and the FOS and should enhance co-operation on cases between the two organisations.
“We consulted on these changes last year in the context of the two year review of the Financial Services and Markets Act. They are a significant step forward and they received wide support from the industry and other stakeholders,” he adds.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IFAonline
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