FOS

The Financial Conduct Authority (FCA) has issued an alert to consumers not to fall foul of a website which is a clone of London-based wealth manager.

Consumers are missing out on £18.3bn worth of compensation for the mis-selling of payment protection insurance (PPI) policies, according to research by claims management firm EMCAS.

Financial advisers are as likely to be reported to the Ombudsman by other financial businesses as claims management companies, it has been has revealed.

The Financial Ombudsman (FOS) has confirmed that it will be imposing a levy on regulated businesses for 2013/14 of £23m, up 30% from £17.7m last year.

The Financial Ombudsman Scheme (FOS) will begin naming complained about firms from the summer under new powers to publish final decisions that it has under the Financial Services Bill.

Networks Openwork and Sesame saw complaints against them at the Financial Ombudsman Service (FOS) rise in the second half of last year, with Sesame receiving over 90% more claims.

London Capital Group, an online trading platform, has paid out £1.2m to investors who invested via the failed Integrity product over losses linked to commission rebating of the fund in the first half of 2009.

The chief executive of Lloyds Banking Group has suggested claims management companies should be forced to cover the costs of false claims.

Rebus Investment Solutions, a company which helps investors recoup losses from complex investments which they argue they have been mis-sold, has secured £750,000 of compensation on behalf of five clients invested in a carbon credit scheme.

The Financial Ombudsman Service (FOS) is currently upholding about 47% of all complaints, according to the FOS' own figures.