The Financial Ombudsman Service needs to show it understands how the industry has evolved and improved over recent years as its decisions show signs of retrospection, suggests the Association of IFAs.
Responding to the FSA’s latest consultation review of the Financial Ombudsman Service, the Aifa report says while the FSA has made it clear it does not apply standards retrospectively, the FOS appears to and has been using extra leeway with retrospection rules, as some of the decisions taken on IFA client cases look more at products and the risk applied today rather than whether the intermediary acted correctly at the time the advice was given. This has been a common complaint across the IFA sector for several months in cases where the intermediary is seen to have done everything correct...
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