Challenging FOS decisions may be ‘impossible’ under changes to FS Bill

added by Sylvia Ma posted 11 Months ago at 8:27

Advisers may not be able to challenge decisions made by the Financial Ombudsman Service under changes proposed in the Financial Services Bill, New Model Adviser reported this morning.


According to Regulatory Legal, challenges to FOS decisions need to be applied within three months of being accepted by the complainant, but the new proposed changes will mean that if a firm does not confirm their acceptance within the deadline, it should no longer be considered as rejected, if accepted at a later date.
These changes could make any legal challenges to FOS decisions within the deadline, the article said.


You can read the full story on New Model Adviser - www.citywire.co.uk/new-model-adviser/ifa-challenges-to-fos-decisions-under-threat/a600458
Advisers may not be able to challenge decisions made by the Financial Ombudsman Service under changes proposed in the Financial Services Bill, New Model Adviser reported this morning. According to Regulatory Legal, challenges to FOS decisions need to be applied within three months of being accepted by the complainant, but the new proposed changes will mean that if a firm does not confirm their acceptance within the deadline, it should no longer be considered as rejected, if accepted at a later date. These changes could make any legal challenges to FOS decisions within the deadline, the article said. You can read the full story on New Model Adviser - www.citywire.co.uk/new-model-adviser/ifa-challenges-to-fos-decisions-under-threat/a600458