The ombudsman's double whammy

clock

The Financial Ombudsman Service caused a lot of anger among IFAonline readers last week with a double whammy in its monthly newsletter, attacking so-called ‘dramatic' claims and saying a small firms division is unnecessary.

Chief ombudsman Walter Merricks said threats of judicial review would not rock the Fos’s foundations and he attacked claims as being dramatic and contradictory. So does this mean he is merely paying lip service to complaints about the scheme? If so, the industry is entitled to feel very worried because by ignoring threats of judicial review the Fos will never be able to move along with changing times or, indeed, improve the way it operates. History has shown us that one of the best ways to reform legislation is by getting a case through the courts, which may deem the current law to be...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

March 2024: Month in review with deputy editor Jenna Brown

March 2024: Month in review with deputy editor Jenna Brown

Take a look at some of the news and feature highlights of the last month

Jenna Brown
clock 28 March 2024 • 5 min read
Wren Sterling adds £265m in client assets in latest deal

Wren Sterling adds £265m in client assets in latest deal

First advisory firm purchase of 2024 for national financial planner

Jenna Brown
clock 28 March 2024 • 1 min read
Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read