FOS

FCA Consultation – Modernising Redress

An FCA consultation on how to improve the Financial Ombudsman Service (FOS) and other consumer redress mechanisms  In November 2024, the FCA issued this consultation, requesting suggestions for improvements to handling complaints/disputes regarding financial services, especially so-called “mass redress events”.   Many of ShareSoc’s campaigns involve situations where numerous individual investors have suffered losses in circumstances that we believe should not have arisen. So, we have considerable experience of representing and trying to obtain redress in such circumstances.  We are lucky to have recently recruited ...

Woodford Claims and the Financial Ombudsman Service – Update 19 May

We (Boz Michalowska from Leigh Day and me) met with the Financial Ombudsman Service (FOS) on 7th May. They have received 549 claims so far relating to Woodford, Link, Hargreaves and IFAs. They have resolved 3 at final decision stage and these were simple cases against IFAs. We were given no evidence to suggest that the FOS route is likely to have a quick nor successful resolution. ShareSoc cannot give financial advice and individuals must of course make their own decisions. ShareSoc ...