FOS

A Court of Appeal ruling about what constitutes a collective investment scheme has raised questions about the status of Harlequin that could cast further doubt on its suitability for retail investors.

The Financial Ombudsman Service (FOS) has listened to industry complaints about the burden of regulatory cost and cut its budget by 11% for the coming year.

Financial Conduct Authority (FCA) technical specialist Rory Percival has hinted the regulator and ombudsman are working to agree on guidelines around suitability reporting for advisers.

Financial advisers could be on the hook for hundreds of millions of pounds after the latest twist in the Harlequin saga in which the Financial Services Compensation Scheme (FSCS) has written down the value of the investment to nil.

The Financial Conduct Authority (FCA) is "well behind the curve" on pensions freedom regulation and is operating a watching brief to act after things go wrong, Bruce Moss has said.

The Association of Professional Financial Advisers (APFA) has called for an independent audit to be carried out on the way the Financial Services Compensation Scheme (FSCS) funds its projects and recoveries.

The proportion of complaints against advisory groups found in favour of the consumer is significantly below the average for the sector, the Financial Ombudsman Service's (FOS's) latest data shows.

A presentation given by an IFA at a ‘money club' is set to cost the firm £45,000 in compensation after the Financial Ombudsman Service (FOS) ruled its slide show strayed into advice.

An adviser has finally secured the return of £190,000 to his clients after a two year battle over unsuitable advice with one of the world's largest IFAs.

Complaints about pensions dealt with by the Financial Ombudsman Service (FOS) have fallen markedly year on year, figures show, with the impending changes to legislation cited as a possible explanation for the drop.