With the Treasury looking to give the Financial Ombudsman Service (FOS) more scope in its proposals to reform the UK’s appointed representatives (AR) regime, this is expected to create more risk for ARs going forward.
Under the proposals, the FOS jurisdiction when it comes to AR complaints would be extended. Currently, the FOS can only consider complaints against principal firms where they are responsible for the AR's actions. Under the proposal, if a principal is not legally responsible, the FOS would be able to consider complaints directly against the AR. ARs themselves have aired concerns over the move, though the proposed change is described as a "last resort" measure in the consultation document. Speaking to PA, Rosemount AR firm Peace of Mind Pensions and Investments principal Iain Crowley...
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