Bulletin No 6 MAY 2005
BULLETIN NUMBER 6
The April 2005 Bulletin included a letter written to Walter Merricks at the FOS reiterating the Formal Complaint on the role of the FSA in the questionable Rectification Scheme 2003. Our letter was passed to John Todd who responded with the following letter, which gives a clear explanation of the complaints that can and will be handled by the FOS.
The letter also clearly states the matters on which they are not able to handle.
suggests therefore that complainants who are dissatisfied with reviews under the
Rectification Schemes might make their complaints for misselling pointing
out that the delay in submission was due to the delayed rectification review
which has not provided adequate redress for the misselling.
complaint about The Equitable Life Assurance Society
Merricks has asked me to reply to your letter of 12 April, which 1 have
discussed with him.
statutory role of the Financial Services Authority (FSA) is to regulate
financial firms, such as Equitable. The statutory role of the Financial
Ombudsman Service (FOS) is to resolve individual complaints by individual
complainants about an alleged act or omission by a regulated financial firm,
such as Equitable.
follows from this that there are some things mentioned in your letter that FOS
simply does not have the power to do:
is what FOS does have the power to do (and has been doing in a number of cases):
any members of your group consider they were mis-sold an unsuitable Equitable
policy or they believe that any redress offered to them by Equitable for such a
mis-sale is unreasonable, they first need to complain to Equitable about this
(if they have not already done so). In accordance with FSA rules, FOS cannot
consider a complaint until the financial firm concerned has issued a final
response letter to the complaint (or until eight weeks have elapsed since the
complaint was made to the financial firm).
policyholder will then need to file an individual complaint form with FOS,
accompanied by Equitable's final response letter (or evidence that eight weeks
have elapsed since the complaint was filed with Equitable).
hope this helpful