The following Financial Services guidance note Produced in partnership with Honor Levy, financial services consultant provides comprehensive and up to date legal information covering:
The compulsory jurisdiction of the Financial Ombudsman Service (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) in carrying on an activity to which compulsory jurisdiction rules apply should be dealt with under the FOS scheme, providing certain conditions apply.
Those conditions are that:
the complainant is eligible and wishes to have the complaint dealt with under the FOS scheme
the respondent was an authorised person at the time of the act or omission to which the complaint relates, and
the act or omission to which the complaint relates occurred at a time when compulsory jurisdiction rules were in force in relation to the activity in question
The compulsory jurisdiction rules are rules made by the FCA (in DISP 2) for the purposes of FSMA 2000, s 226, specifying the activities to which compulsory jurisdiction applies.
Before the FSMA 2000 (Transitional Provisions) (Ombudsman Scheme and Complaints Scheme) Order 2001, SI 2001/2326 (the Ombudsman Transitional Order) and the FSMA 2000 (Transitional Provisions) (Complaints Relating to General Insurance and Mortgages) Order 2004, SI 2004/454 (the Mortgage and General Insurance Complaints Transitional Order), financial complaints were
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