FOS regulation could catch small brokers unawares
Small brokers will take the impact of another wave of regulation from the Financial Ombudsman Servic...
Small brokers will take the impact of another wave of regulation from the Financial Ombudsman Service (FOS), as a result of new legislation in the Consumer Credit Act 2006.
Last month, the FOS was given jurisdiction to investigate complaints against companies with a Consumer Credit Act license - a move that will affect up to 100,000 firms, including brokers.
Andrew Welch, head of litigation and insurance at Stephensons Solicitors, said licensees would have to comply with the strict complaints
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