An adviser has started a petition to Parliament calling for a vote of no confidence in the Financial Ombudsman Service (FOS) and for it to be brought under the remit of common law.
West Riding Personal Financial Solutions managing director Neil Liversidge (pictured) wants the FOS decisions to be approved by a "suitably qualified judge", rather than an individual Ombudsman. Liversidge said the FOS has a "track record of issuing judgements that are contradictory, illogical and made with hindsight". Financial Conduct Authority (FCA) technical specialist Rory Percival has disputed this on seveeral occasions, and called for evidence of discrepancies between the regulator's rules and Ombudsman adjudications in recent months. Liversidge referred to a recent judgemen...
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