This Practice Note provides an overview of the compulsory jurisdiction of the Financial Ombudsman Service (FOS). The compulsory jurisdiction of the FOS is defined in Chapter 2 of the Financial Conduct Authority (FCA) Dispute Resolution: Complaints Sourcebook (DISP), in rules made pursuant to section 226 of the Financial Services and Markets Act 2000 (FSMA 2000), which provides that a complaint which relates to an act or omission of a person (the respondent) should be dealt with under the FOS scheme, providing certain conditions apply.
This Practice Note explains the process by which the Financial Services Compensation Scheme will assign a claimant’s rights to enable the scheme to act on an individual’s behalf in pursuing a claim.
The powers of the Financial Services Compensation Scheme (FSCS) to raise funds from the regulated community are contained in Chapter 6 of the FEES sourcebook of the FCA’s Handbook and in the PRA’s Depositor Protection, Dormant Account Scheme and Policyholder Protection rules. This Practice Note provides an overview of the main provisions, including an explanation of the various FSCS levies; the limits on levies; the funding classes of firms; and the payment of levies.
This Practice Note outlines the way in which the Financial Services Compensation Scheme calculates and pays compensation due to a claimant, and considers the circumstances in which the Financial Services Compensation Scheme can reject a claim for compensation, or withdraw an offer of compensation.
This Practice Note outlines the conditions that must be met in order for a claimant to be eligible to make a claim for compensation to the Financial Services Compensation Scheme (FSCS). This includes conditions relating to who may claim compensation, from whom they can claim, and what they can claim for. The rules are found in the COMP sourcebook of the FCA Handbook and the Depositor Protection part of the PRA Rulebook.
This Practice Note provides detail on the role and purpose of the Financial Services Compensation Scheme (FSCS) in the UK, established under Part XV of the Financial Services and Markets Act 2000. It covers the administration of the FSCS, making a claim, obligations on regulated firms in relation to the FSCS, compensation limits and the different regimes for deposit claims, non-deposit claims and insurance policyholder protection.
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