Displaying items by tag: FOS

I have written before about my concerns about the way the Financial Ombudsman Service is reaching decisions in cases involving SIPPs and SIPP investments and the implications for SIPP providers and advisers.

The Financial Ombudsman Services has upheld the majority of SIPP complaints it received over the past year and warned that it continues to see a large number of SIPP complaints amid a rise in overall investment and pensions cases.

The Financial Ombudsman Service has proposed changes to its case reporting process to encourage firms to settle early and reduce waiting times.

Pension adviser Portal Financial Services LLP has shut its doors to new business following a string of complaints to the Financial Ombudsman Service, many brought recently by Claims Management Companies.

The Financial Ombudsman is to increase its case fee by £100 to £750, according to its new budget and financial plans published today.

The Financial Ombudsman Scheme is planning to cut 150 jobs, including management positions, due mainly to a rapid decline in PPI work follow the ending of PPI claims to the Ombudsman.

Financial advice firm Professional Financial Services (PFS) has been ordered by the Financial Ombudsman (FOS) to pay out after advising a client to invest in an unregulated collective investment scheme.

Liberty SIPP has been declared in default, after being placed into administration on 27 April 2020.

The Financial Ombudsman Service has reported a sharp rise in SIPP complaints with 821 new complaints about SIPPs between July and September compared to 636 in the previous quarter.

The Financial Conduct Authority, the Financial Services Compensation Scheme and the Financial Ombudsman Service have warned Financial Planners to take action on any SIPP or SSAS investments in the German Property Group.