Category: financial services ombudsman

The FCA and Upper Tribunal – Financial Services Blog

Posted February 22nd, 2016 in enforcement, financial services ombudsman, money laundering, news, tribunals by sally

‘The FCA’s “further decision notice” on Mr Tariq Carrimjee (senior partner and CEO of Somerset Asset Management) revealed that, the regulator has taken on board the Tribunal’s view that banning Mr Carrimjee from all regulated activity would be “irrational and disproportionate”, and it has instead decided to prohibit him from performing compliance oversight (CF10) and money laundering reporting functions (CF11).’

Full story

Financial Services Blog, 15th February 2016

Source: www.rpc.co.uk

Savers pay hundreds for bank account mis-selling claims rejected by ombudsman – Daily Telegraph

Posted February 22nd, 2016 in banking, claims management, complaints, consultations, consumer protection, financial services ombudsman, insurance, news, statistics by sally

‘Financial Ombudsman Service says claims made through third-party companies much less likely to be upheld.’

Full story

Daily Telegraph, 20th February 2016

Source: www.telegraph.co.uk

City watchdogs investigate financial age discrimination – Daily Telegraph

Posted February 22nd, 2016 in age discrimination, banking, elderly, equality, financial services ombudsman, insurance, mortgages, news by sally

‘The FCA may for the first time create special rules to protect the interests of the elderly.’

Full story

Daily Telegraph, 20th February 2016

Source: www.telegraph.co.uk

MPs to debate whether Financial Conduct Authority is up to job of regulating City – The Guardian

Posted February 1st, 2016 in banking, financial regulation, financial services ombudsman, news, parliament by tracey

‘The Financial Conduct Authority is expected to face criticism on Monday when MPs debate a motion on whether it is up to the job of regulating behaviour in the City.’

Full story

The Guardian, 31st January 2016

Source: www.guardian.co.uk

Are firms discriminating against you because of age? Here’s how to check – Daily Telegraph

Posted November 25th, 2015 in age discrimination, complaints, elderly, equality, financial services ombudsman, insurance, mortgages, news by sally

‘We look at how the ombudsman deals with complaints about age discrimination.’

Full story

Daily Telegraph, 25th November 2015

Source: www.telegraph.co.uk

Teenager killed himself hours after Wonga cleared out his account – The Guardian

Posted September 28th, 2015 in coroners, debts, financial services ombudsman, inquests, interest, loans, mental health, news, suicide by sally

‘A disabled teenager killed himself on the same day that the payday loans company Wonga cleared out his bank account, it has been revealed.’
Full story

The Guardian, 25th September 2015

Source: www.guardian.co.uk

FCA to consult on issue of unsolicited marketing in consumer credit market this summer – OUT-LAW.com

Posted July 2nd, 2015 in advertising, consultations, consumer credit, consumer protection, electronic mail, financial services ombudsman, fines, news, telecommunications by sally

‘The Financial Conduct Authority (FCA) is to consult on the issue of unsolicited marketing by consumer credit firms this summer, according to an answer given in the UK parliament.’

Full story

OUT-LAW.com, 1st July 2015

Source: www.out-law.com

Banks face bigger PPI mis-selling bill as regulator considers compensation rules – The Guardian

Posted May 27th, 2015 in banking, compensation, complaints, consumer credit, consumer protection, financial regulation, financial services ombudsman, news, Supreme Court by sally

‘Banks could face a bigger bill for mis-selling payment protection insurance after the City regulator said it was considering new rules on how customers should be compensated.’

Full story

The Guardian, 27th May 2015

Source: www.guardian.co.uk

City fraudster who scammed £5.5m out of 100 investors is jailed for seven years – The Guardian

Posted February 2nd, 2015 in banking, financial services ombudsman, fraud, news, sentencing by sally

‘A fraudster who scammed more than 100 investors out of £5.5m and spent nearly half to fund his lavish lifestyle has been jailed.’

Full story

The Guardian, 30th January 2015

Source: www.guardian.co.uk

Fare-dodging banker banned from City – BBC News

Posted December 15th, 2014 in banking, disciplinary procedures, financial services ombudsman, licensing, news, railways by tracey

‘A London banker who regularly avoided buying a train ticket on his commute to the City has been banned from working in the financial services industry.’

Full story

BBC News, 15th December 2014

Source: www.bbc.co.uk

Regina (Bluefin Insurance Services Ltd) v Financial Ombudsman Service Ltd – WLR Daily

Posted October 28th, 2014 in complaints, consumer protection, financial regulation, financial services ombudsman, jurisdiction, law reports by sally

Regina (Bluefin Insurance Services Ltd) v Financial Ombudsman Service Ltd [2014] EWHC 3413 (Admin); [2014] WLR (D) 438

‘The question as to whether a complainant was a consumer for the purposes of the Financial Conduct Authority’s compulsory jurisdiction dispute resolution rules was a matter of precedent fact to be decided by the courts; it was not a question for Financial Ombudsman Service to determine that was reviewable only on conventional (“Wednesbury”) grounds.’

WLR Daily, 20th October 2014

Source: www.iclr.co.uk

FOS respondents still at risk of further action despite Clark v In Focus ruling – Commercial Disputes Blog

Posted September 1st, 2014 in appeals, arbitration, compensation, complaints, financial services ombudsman, news by sally

‘When Lady Justice Arden handed down her judgment in the Court of Appeal case of Clark v In Focus, she held that a complainant cannot accept an Ombudsman’s award at the statutory maximum (currently £150,000) and sue in court for the balance of their redress if it exceeds that limit. We hoped in vain that that would be the final word on the issue.’

Full story

Commercial Disputes Blog, 28th August 2014

Source: www.rpc.co.uk

Power of attorney: how flawed system cost one family £30,000 – Daily Telegraph

Posted July 14th, 2014 in abuse of position of trust, complaints, delay, financial services ombudsman, news, powers of attorney, statistics by sally

‘Rules granting other people control over your money when you are elderly or infirm are open to abuse. We highlight one sobering case.’

Full story

Daily Telegraph, 12th July 2014

Source: www.telegraph.co.uk

Clark and another v In Focus Asset Management & Tax Solutions Ltd (Financial Ombudsman Service intervening) – WLR Daily

Posted February 21st, 2014 in compensation, financial advice, financial services ombudsman, law reports, ombudsmen, res judicata by sally

Clark and another v In Focus Asset Management & Tax Solutions Ltd (Financial Ombudsman Service intervening) [2014] EWCA Civ 118; [2014] WLR (D) 76

‘The doctrine of res judicata precluded a complainant who had accepted an award made by the Financial Ombudsman Service from starting legal proceedings to pursue complaints which had already been submitted to the ombudsman service and which the ombudsman had decided. Further, section 228(5) of the Financial Services and Markets Act 2000 did not exclude the operation of res judicata.’

WLR Daily, 14th February 2014

Source: www.iclr.co.uk

UCAS and the extent of FOIA: Tribunal favours wide approach – Panopticon

Posted January 17th, 2014 in financial services ombudsman, freedom of information, news, police, universities by sally

‘Transparency advocates often express frustration at the number of bodies which are not within the scope of FOIA, because they are not listed or designated as ‘public authorities’ for FOIA purposes. The Coalition government responded by announcing, in January 2011, that FOIA would be extended to a number of additional bodies. This was done with effect from 1 November 2011, through the Freedom of Information (Designation as Public Authorities) Order 2011. This brought the Association of Chief Police Officers of England, Wales and Northern Ireland (ACPO); the Financial Ombudsman Service and the Universities and Colleges Admissions Service (UCAS) within the scope of FOIA.’

Full story

Panopticon, 16th January 2014

Source: www.panopticonblog.com

‘Vishing’ and courier scam complaints increase – BBC News

Posted December 16th, 2013 in banking, complaints, financial services ombudsman, fraud, news, statistics by sally

‘Banks are failing to refund some victims of a phone scam that involves people being duped into transferring money from their own bank account to one that is accessible to a fraudster.’

Full story

BBC News, 14th December 2013

Source: www.bbc.co.uk

FCA consults on “fairer and more transparent” rules on use of client commissions by investment managers – OUT-LAW.com

Posted November 27th, 2013 in consultations, financial regulation, financial services ombudsman, news by tracey

‘Stricter rules on what costs of trade-related services can be passed on to clients of investment managers in the form of commission payments have been proposed by the Financial Conduct Authority (FCA).’

Full story

OUT-LAW.com, 27th November 2013

Source: www.out-law.com

Regulator to review banks’ complaint handling processes as ombudsman complaints reach record levels – OUT-LAW.com

Posted September 5th, 2013 in banking, complaints, financial regulation, financial services ombudsman, news by sally

“The financial industry regulator is to conduct a review of the way in which customer complaints to banks and building societies are handled, one of its directors has confirmed.”

Full story

OUT-LAW.com, 4th September 2013

Source: www.out-law.com

OFT forces payday lenders out of market – The Guardian

Posted July 31st, 2013 in consumer protection, debts, financial regulation, financial services ombudsman, loans, news by sally

“Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.”

Full story

The Guardian, 30th July 2013

Source: www.guardian.co.uk

FCA fines rogue property trader nearly £1m – The Guardian

Posted June 19th, 2013 in costs, financial services ombudsman, fines, housing, mortgages, news, valuation by sally

“The operator of a property scheme who misled vulnerable customers to make money from the sale of their homes has been fined almost £1m by the City regulator and banned from working in the financial services industry.”

Full story

The Guardian, 19th June 2013

Source: www.guardian.co.uk