FOS

IFA network PI Financial is in the spotlight again over the mis-selling of unregulated collective investment schemes (UCIS), two months after being hit with a £58,000 fine by the regulator for giving unsuitable UCIS advice.

An adviser who recommended a client invest most of his pension savings in an offshore property fund has been told to purchase his client's investments and compensate him following a ruling by the Financial Ombudsman Service (FOS).

Firms' failures to rectify mistakes has been a key factor in the rise of claims management companies (CMCs), Financial Ombudsman Service (FOS) chief executive Natalie Ceeney said.

LONG-STOP

A Financial Ombudsman Service executive has urged firms to "embrace, encourage and celebrate" complaints, arguing they need to plan for imperfections.

Network Sesame has topped the Financial Ombudsman Service (FOS) complaints table for IFA businesses, with 138 complaints in the first half of this year, compared to 140 in H2 2011.

The Financial Ombudsman Service (FOS) is in the market for "exceptional people" to become senior Ombudsmen, on salaries of more than £85,000 plus benefits.

The Financial Services Authority (FSA) has warned that most crowdfunding schemes should only be targeted at sophisticated investors, amid concerns about their risk and complexity.

The Financial Ombudsman Service (FOS) is set to move ahead with plans to allow most businesses to fight up to 25 cases per year without having to pay case fees, following support from the industry.

The Financial Ombudsman Service (FOS) has rejected calls from industry stakeholders for claims management companies (CMCs) to be charged FOS fees and levies.