The Financial Ombudsman Service has plans to persuade financial advisory firms to get involved in the consumer complaints process at an earlier stage than usually seen, in response to calls for an appeal on ombudsmans' decisions.
Details of the FSA and FOS responses to CP04/12 – which looked at how the Financial Services and Markets Act is performing after two years in use, and its relation to the FOS – have yet to be compiled and published as both authorities and the Treasury are still scratching out its reponse to industry feedback. However, initial indicators suggest the FOS may try to do more to highlight its existing four-step complaints handling process, as most advisers choose not to interject their side of the argument until the final decision is made, when they no longer have a position from which to mak...
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