Can my customers refer complaints to the Financial Ombudsman Service after 31 October 2004 about my firm’s activities before that date?
The Treasury has made a special order dealing with complaints arising after 31 October 2004 (the start of FSA regulation of mortgage broking) about the activities of a mortgage broker before regulation began. This is the Financial Services and Markets Act 2000 (Transitional Provisions) (Complaints Relating to General Insurance and Mortgages) Order 2004. This order means that the Financial Ombudsman Service can look at such complaints if: • they are about the activities of an authorised firm that is a former member of the Mortgage Code Compliance Board (MCCB); and • the complaint would previously have been considered under the Mortgage Code Arbitration Scheme. If you satisfy these conditions and you are an authorised firm, the FOS will be able to deal with complaints about your pre 31 October mortgage activities. Similar arrangements apply for general insurance brokers. The FOS can deal with complaints about the general insurance-related activities of a broker before 14 January 2005 (th