A consultation paper on the jurisdiction of the Financial Ombudsman Service (FOS) was published this week by HM Treasury.
The consultation paper, Mortgages and General Insurance Regulation: Transitioning Complaints, seeks views on FOS powers. Specifically, could it deal with complaints made after FSA regulation starts about products brought from GISC members before that date?
At present, complaints about products bought from GISC-regulated firms are dealt with by independent arrangements set up by that body. After FSA regulation on 14 January 2005 the FOS will deal with complaints.
Three options are proposed: do nothing - claims will go to court; an industry complaints solution; and FOS compulsory jurisdiction. The deadline for responses is 21 November 2003.