Financial Ombudsman Service

CONDENSED

Financial Ombudsman Service (FOS) chief executive Natalie Ceeney has praised independent financial advisers for their complaints handling, saying they do a better job than larger businesses such as banks.

The Complaints Commissioner has rejected a complaint against the Financial Services Authority (FSA) by an investor over the regulator's handling of the alleged ‘phoenixing' of an advisory business.

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).