FOS

Fee-based wealth adviser Towry EJ saw nearly 350 client complaints, almost exclusively investment-related, referred to the FOS in the second half of last year, figures show.

London Capital Group (LCG) has delayed its 2010 results while it works out how much compensation it must pay investors who lost £7.7m in its managed spot FX fund.

London Capital Group (LCG) has admitted it could face compensation claims of £7.7m after an unfavourable early ruling by the FOS forced it to u-turn on a previous statement that redress costs would be "immaterial".

The Financial Ombudsman Service (FOS) has moved a step closer to making its decisions public, but is being held back by fears claims management companies will use the rulings as "ammunition" against firms.

The advisory community will pay a smaller proportion of the overall Financial Ombudsman Service (FOS) Levy in 2011/12, although the explosion in PPI cases could cancel out any savings.

Lobbying group Adviser Alliance is confident it will secure a judicial review into the FSA's decision to remove a complaints long-stop in financial services - and has not ruled out an approach to AIFA.

All advisers who sold low and medium risk investors Keydata products backed by life settlements face the threat of crippling compensation payouts, after a landmark early decision by the FOS.

The FSA has appointed three more non-executive directors to the strategic board of the Financial Ombudsman Service (FOS), as it prepares for an avalanche of extra claims over Payment Protection Insurance and a series of investment company failures.

Firms' refusal to pay their case fees to the FOS until the outcome of a judicial review into PPI mis-selling could exhaust the Ombudsman's reserves in six weeks and force it to raise its industry levy by as much as 25%.

The financial Ombudsman (FOS) is calling for a budget increase of up to £15m in 2011/12 to deal with a shift towards harder-fought cases, but says it will freeze case fees and its general annual levy for the second year running.