Broker Direct has published its response to the FSA Consultation Paper CP160, calling for reform to the Financial Ombudsman Service (FOS).
In response to FSA proposals on complaints, the broker organisation said the Financial Ombudsman Service (FOS) should only be free to successful complainants.
A statement said: "Fundamental change is required to the access to and jurisdiction of the FOS, in order that it will function fairly and cost-efficiently as an instrument of statutory regulation."
Broker Direct also raised its concerns over the definition of "private". It claimed that it is unfair to the majority of businesses enterprises, "not least because of unnecessary and costly product disclosure."
Broker Direct added: "We suggest that only sole traders should be classified as Private and all other business or commercial enterprises should be classified as Non-Private customers.
"Training and Competence requirements should be extended to all sales personnel, not solely those admitting to "advise" (to avoid ill-advised purchases); and to claims handling."
