The Treasury has announced National Savings & Investments will fall under the complaints regime of the Financial Ombudsman Service in order to harmonise complaints procedures with other financial services providers.
A consultation period will run until 11 August, according to documents related to the change. These outline how FOS voluntary jurisdiction rules are to be amended to cover NS&I activities. The FOS operates compulsory jurisdiction rules covering FSA authorised financial services firms and unresolved complaints, but since NS&I is not FSA regulated it can only move into the voluntary jurisdiction, the Treasury says. IFAonline
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
