The Financial Ombudsman Service (FOS) and Financial Conduct Authority (FCA) have vowed to work together to resolve any complaints that stem from targeted support, while acknowledging that they will be treated differently from standard investment advice gripes.
In a joint statement from FOS chief ombudsman James Dipple-Johnstone and FCA deputy CEO Sarah Pritchard, they said targeted support was "different from other forms of investment advice". The FCA's policy statement, released today (11 December), sets out that targeted support is not subject to the suitability requirements in chapters 9 and 9A of the FCA's Conduct of Business Sourcebook. The statement said: "Targeted support is a one-off service and does not involve ongoing suitability assessments. "Firms are required to assess suitability at the point of specifying the ready-made su...
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