What are the FSA/FOS/FSCS relationships and remit concerning mortgage endowment complaints?
The FSA, FOS and the FSCS are separate organisations set up under the Financial Services and Markets Act 2000. FSA: In terms of the FSA’s responsibilities and relationship with the Financial Ombudsman Service (FOS), firstly we are responsible for supervising how authorised firms handle mortgage endowment complaints. We do this using the rules in our Dispute Resolution Sourcebook (DISP) which the FOS and FSCS take into account when considering individual cases. Secondly, we and the FOS (and where appropriate the Financial Services Compensation Scheme (FSCS)) work closely on endowment-related issues. Thirdly, we are responsible for ensuring the FOS has adequate resources to carry out its work. We do this by setting the levy on firms in respect of FOS activities. FOS: The FOS deals with individual complaints from consumers against firms that are regulated by the FSA (or by one of the previous regulators) and it can require firms to pay compensation. It also offers a wide range of publicat
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- Why does the FSA allow consumers to refer complaints to the FOS, which would otherwise be time-barred by the 15 year Long Stop provision in the Limitation Act (1980)?
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