Intervention from the Personal Finance Society (PFS) prompted the regulator to contact advisers and offer them guidance over the recent FOS limit hike, according to Keith Richards.
The professional body's chief executive told Professional Adviser he had expressed concerns both independently and as part of the Financial Conduct Authority (FCA) consultation about raising the Financial Ombudsman Service (FOS) award limit to £350,000. Richards wrote to the FCA on 27 March after PFS members said they were experiencing what he called "the predictable and evident impact" of the compensation limit increase ahead of the 1 April implementation date. Richards said members requested clarification be provided to the sector regarding the potential risk of FCA breaches. "I a...
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