The creation of a ‘small firms division' within the Fos would not add value to the service because specific assistance for such firms is already available, claims the ombudsman.
In response to queries from IFAs about why the ombudsman does not have a small firms division like the Financial Services Authority (FSA), the Financial Ombudsman Service says it already has specialist teams focusing on IFA-related complaints, suggesting such a division is unnecessary. The latest edition of ombudsman news states: “We recognise that businesses that have only infrequent contact with us have different needs to those that deal with us on a daily basis. The ombudsman service does not have an area specifically called our ‘small firms division’. Instead, we have specialist teams...
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