A complaint made about the Financial Conduct Authority (FCA) “failing” to utilise its powers to intervene on perceived Financial Ombudsman Service (FOS) inaction over a firm’s conduct has been circled back to the regulator for further investigation.
A final ruling published by the Complaints Commissioner yesterday (20 October) confirmed commissioner Amerdeep Somal would review a situation relating to section 234D of the Financial Services and Markets Act 2000 only after an investigation by the regulator itself. In the case, a complainant raised concern with Somal that the FCA had not intervened with the FOS to ask it to use its power against an FCA-authorised firm (Firm X) it said was not complying with guidance when it varies the annual percentage rate (APR) on its loan book. The FCA confirmed to Somal that it had reviewed initi...
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