Financial Conduct Authority (FCA) technical specialist Rory Percival has denied there are "significant" differences in what the regulator thinks is adequate due diligence undertaken by firms and how the ombudsman finds in dispute cases.
Percival (pictured) dismissed an oft-cited accusation that there are differences in adjudications between the FCA and Financial Ombudsman Service (FOS) as "myths" and "not real". However, he acknowledged there was a "need to do something about that" view and admitted the regulator is "conscious" of the issue. Percival was speaking at an ICAEW Retirement Savings Summit on 17 November. Addressing the concerns of 4 Pump Court barrister Peter Hamilton, who called for firms to be able to access an "independent tribunal" for final decisions in dispute cases, Percival said: "I'm not convi...
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
