FTAdviser.com - IFAs brand inquisitorial role of Fos as intrusive
The ultimate claims chaser? Unregulated and unaccountable under the law.
Although this case is unknown to me I can state categorically that the circumstances as portrayed here are not unique.
However, if an adviser’s file if presented to the FOS and someone is qualified to assess the suitability of the advice and in his ‘honestly held opinion’ (remember that one folks?) finds it to be unsuitable or non-compliant in any other way the case should be referred to a panel of the adviser’s peers who should be empowered to decide whether the Ombudsman’s extra curricular activities are warranted and more importantly correct. We would expect all persons regulated both past and present to have a fair hearing under the law, the law expects it too!!