Financial Ombudsman Service

Changes could be made to the Financial Ombudsman Service (FOS) board ahead of the industry-wide regulatory upheaval next year.

An "explosion" in regulatory costs is becoming a "huge problem" for networks and national advisory businesses, according to a director at Lighthouse Group.

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.