Finance
The Financial Ombudsman Service (FOS) combines eight existing Ombudsman schemes, including those for Banking, Building Societies, Insurance and the Personal Investment Authority (PIA). The official merger date was 30 November 2001 - the date when the FSA’s powers under the Financial Services and Markets Act came into force (this date is also known as "N2").
Jurisdiction
The FOS operates a "compulsory jurisdiction" which covers all regulated activities carried out by authorised banks and building societies and, additionally, all non-regulated activities which were formerly covered by the existing Banking and Building Societies Ombudsman Schemes.
The FOS also operates a "voluntary jurisdiction". Voluntary jurisdiction was previously open to lenders which are neither banks nor building societies and which therefore referred mortgage complaints to the old Mortgage Code Arbitration Scheme rather than to an Ombudsman. However, on 31 October 2004, all authorised mortgage lenders and mortgage intermediaries automatically came under compulsory jurisdiction.
Jurisdiction
The FOS operates a "compulsory jurisdiction" which covers all regulated activities carried out by authorised banks and building societies and, additionally, all non-regulated activities which were formerly covered by the existing Banking and Building Societies Ombudsman Schemes.
The FOS also operates a "voluntary jurisdiction". Voluntary jurisdiction was previously open to lenders which are neither banks nor building societies and which therefore referred mortgage complaints to the old Mortgage Code Arbitration Scheme rather than to an Ombudsman. However, on 31 October 2004, all authorised mortgage lenders and mortgage intermediaries automatically came under compulsory jurisdiction.
Labels: Finance, Streamline financial services
posted by Top SEI at
20:44
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