Financial Ombudsman Service

The Financial Ombudsman Service (FOS) has ruled against a bank for advising a client to invest £3.2m in a bond issued by failed US insurer AIG.

The Financial Ombudsman Service (FOS) is in the process of deciding how it will go about publishing its decisions, and one of the main points of contention has been whether or not it should name the firms involved.

The Financial Ombudsman Service (FOS) looks set to hold its ground on plans to include the names of businesses involved when it starts publishing final decisions.

Payment Protection Insurance (PPI) redress totals have reached a new peak after payments rocketed by more than £100m in just one month.

Protection complaints continued to rise during the year and have already breached last year's totals in some product areas.

The ten worst offending payment protection insurance (PPI) mis-selling firms could face costs of over £55m to enable regulators to deal with the problem.

The Association of Independent Financial Advisers (AIFA) has hailed the increase in the ombudsman's free case fee threshold as a positive move for IFA firms.

The Investment and Life Assurance Group (ILAG) has warned that increased publishing of decisions made by the Financial Ombudsman Service (FOS) could be a boon for claims management companies (CMCs).

The payment protection insurance (PPI) mis-selling scandal has cost the financial services industry more than three quarters of a billion in redress payments to customers in the first three quarters of the year.

The Financial Ombudsman Service has hinted at higher levies for the industry as a result of another spike in payment protection insurance (PPI) claims.