FOS ten-year limit sparks adviser concerns over complaint exceptions

Announced this month (16 March), the government is expected to legislate on the absolute time limit as part of the FOS' work with the UK government to modernise the redress system. There will be limited exceptions set by the Financial Conduct Authority (FCA), which advisers suggested could extend to long-term products like pensions. The FOS will also be able to decline "very complex cases" deemed better suited to courts or other routes. The chief ombudsman will have overall responsibility for ensuring consistent determinations. Quilter financial planner Ian Futcher believes this...