FOS

In response to FCA and FOS consultation paper

FOS decision notice stated advice caused client ‘distress’ and ‘upset’

One type of complaint sees a £10,000 rise

New fees effective from 1 April

Parliamentary scrutiny predicted

To ‘guard against political influence’

New ten-year limit for bringing complaints

Not expected to have ‘material’ impact on PII market but creates more risk

‘FOS needs to be overhauled as it is’

Amid concerns about consumer harm and weaknesses in oversight