Financial Ombudsman Service

The Financial Ombudsman Service (FOS) has warned that consumers are ignoring the risks around unregulated collective investment schemes (UCIS), even when they are spelled out by their advisers.

Less than 2% of Arch Cru investors have so far taken a complaint about the advice they received to the Financial Ombudsman Service (FOS), it has been revealed.

The Financial Ombudsman Service (FOS) today ruled investors who lost money in an Integrity fund will be considered for compensation to the tune of £1.9m.

COMPLAINTS

Claims management firms are being investigated by the Ministry of Justice after a surge in bogus compensation claims filed for consumers who were mis-sold personal protection insurance (PPI).

The Financial Ombudsman Service (FOS) has set its budget for 2012/3 at £191.1m, meaning both the case fee and total levy will be frozen for the third year running.

The Financial Ombudsman Service (FOS) will drift closer to becoming a regulator under a proposed memorandum of understanding (MoU) with the Financial Conduct Authority (FCA), according to a legal expert.

Bupa has become the second insurer to give further clarity about its complaints levels, suggesting providers may want further details to be published by the Ombudsman to put figures into a wider context.

The private medical insurance (PMI) market's two biggest players have seen a rise in the number of complaints escalated to the Financial Ombudsman Service (FOS).

Which? has urged banks to streamline their payment protection insurance (PPI) claim process or risk exposing customers to claims management companies, after just a quarter of the promised amount of redress was paid out in 2011.