Source: www.financial-ombudsman.org.uk
Topic: Investment Firm
Sort Desciption: where investment firms are. no longer authorised. This is a quick guide to the rules and remit of the Financial Ombudsman ...
Content Inside: a quick guide to … our jurisdiction: where investment firms are no longer authorised This is a quick guide to the rules and remit of the Financial Ombudsman Service – in relation to complaints about firms that are no longer authorised to carry out investment business. It will be of interest primarily to investment firms formerly regulated by FIMBRA and PIA. complaints about former firms The Financial Ombudsman Service was set up under the Financial Services and Markets Act 2000 . There are transitional provisions made under this Act – to deal with the fact that problems giving rise to complaints may not always emerge immediately. The transitional provisions allow us to deal with complaints about events that took place when the firm concerned was covered by one of the previous complaints schemes – which later merged to form the Financial Ombudsman Service. The transitional provisions mean that the Financial Ombudsman Service covers complaints about former investment firms that have never been authorised by the Financial Services Authority (FSA) – but were previously authorised by a former regulator and covered by a former complaints scheme. what the rules say This is how the complaints-handling rules formally set out our jurisdiction – or remit – in relation to firms that were covered by previous complaints schemes: (1) Article 3 of the Ombudsman Transitional Order provides that (subject to certain modifications) the Compulsory Jurisdiction applies to a relevant new complaint, provided that: (a) the act or omission is that of a person who was, immediately before commencement, subject to a former scheme; (b) the act or omission occurred in the carrying on by that person of an activity to which that former scheme applied [ … ] (FSA Handbook, DISP 2.2.2 G) So a complaint will usually fall within our jurisdiction if: • the activity complained about was covered by the jurisdiction of the relevant former complaints scheme; and t 1 • the firm ...
