FOS

A call has gone out to IFAs and financial planners to use their commercial muscle to put pressure on product providers and reform information given to consumers in non-advised sales.

Concerns expressed by Walter Merricks, chief ombudsman at the Financial Ombudsmand Service (FOS), last week that the existence of the FOS could encourage an "unhealthy propensity" among consumers to demand redress for every perceived loss has sparked...

A fee-based intermediary is set to lose money from a client who is refusing to pay a £200 fee and threatening to take her to the Financial Ombudsman Service (FOS).

Mortgage adviser firms who have agreed compensation for endowment mis-selling are not required to re-open the case even if the client returns after accepting that sum, the Financial Ombudsman Service has confirmed.

Firms attempting to challenge decisions made by the Financial Ombudsman Service (FOS) will now find doing so very difficult, following a High Court ruling last month, a city lawyer has warned.

CITY LAWYERS say it will be "almost impossible" to challenge any decision from the Financial Ombudsman, according to this morning's Times, following a key ruling in the High Court against an IFA firm.

Yet more comments have been aired on the issues of FOS decisions and the fees versus commission debate relating to business models.

Equitable Life claims it is in a more stable position than at any time since 2000.

Pressure to meet the cost of FSA, FOS and FSCS levies has in recent months caused serious friction as some adviser operations feel they are being asked to pay costs which do not relate to their business.

Poor handling of endowment mis-selling complaints by financial services firms will increase the number of such cases passing through the Financial Ombudsman Service to around 70,000 cases a year until 2007, alleges the service.