The following Financial Services practice note produced in partnership with Honor Levy of LexisNexis provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. See also FOS FAQs—Meaning of withdrawal from the EU for the FOS and its customers.
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
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