FSA, FOS launch consultation on respective roles

Consultation Paper 04/12 Year 2 Review: Financial Ombudsman Service will focus on two major questions: the circumstances in which FSA takes regulatory action instead ofindividual cases being determined by FOS; and whether, in specific circumstances, FOS decisions should be subject tosome form of appeal. According to FSA discussions with “stakeholders” in the regulatory process, there is “no clear consensus” on what changes may be necessary. However, it is also the case that some “stakeholders” are asking for “clarification” on the roles and responsibilities of the FSA and FOS in s...