Thu, 23 May 2013
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Middle man: Paul Bentall, Financial Ombudsman Service
Why does the FOS believe it has the right to ignore the 15 year long stop for Professional Negligence
My firm has never had a complaint in front of the FOS.
Many advisers have consistently stated to the FOS and others, taking away the legal right to a 15 year longstop defence is stealing through Regulatory dictate what is rightfully ours through statute legislation which the FSA has chosen to ignore.
We are not bankers. We were not bankers, we were/are folk who gave their all to the public and who simply want a defence against "stale" claims, often provoked by claims farmers, but for which the FOS charges a "case fee" regardless of outcome, thus it's a fine for being innocent despite having, as IFAs, the lowest complaints ratio yet unlike other institutions, it is OUR own money at risk, not shareholders or policyholders and so we demand IFAs be allowed to CHOOSE to use the 15 year longstop where relevant, just as you as lawyers are allowed to.
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