FOS

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.

The Financial Conduct Authority (FCA) has said it will look to take even earlier pre-emptive action against what it believes is bad practice in a bid to counter accusations from the industry that it unfairly employs retrospective regulation.

Three IFAs are taking their case to the Court of Appeal in a bid to overturn a High Court ruling backing a Financial Ombudsman (FOS) decision that they should pay clients compensation for advice to invest in failed firm Keydata.

The Financial Ombudsman Service (FOS) is to make further cuts to its operating budget in the coming financial year and has frozen its levy at £23.3m.

The Financial Conduct Authority (FCA) has said a project considering the re-introduction of a 'long-stop' on advice complaints being referred to the ombudsman will continue despite initial concerns it could be incompatible with European legislation.

The Financial Ombudsman Service (FOS) has ruled out charging "nominal" fees to complainants, agreeing with Parliament's view the service must be free to ensure the public's confidence in it.

An IFA has been ordered to repay a £7,400 upfront fee it received from a client who subsequently felt its recommendations were inappropriate, following a final decision from the ombudsman.

Three investments in off-plan property firm Arck totalling £45,000 were too high risk and complex for a client, the Financial Ombudsman Service (FOS) has ruled, despite the adviser's claims he had previously invested in similar schemes.

Financial Conduct Authority (FCA) technical specialist Rory Percival has denied there are "significant" differences in what the regulator thinks is adequate due diligence undertaken by firms and how the ombudsman finds in dispute cases.

The Financial Ombudsman Service (FOS) has directed a complainant to his former adviser after ruling a charge levied on his investment by his platform was "fair and reasonable".