Further to the story that the FCA should conduct a thorough review of its rulebook, the Fos is actually what will put an advice firm out of business and it does not matter whether the actions were within the rules or not, if in the opinion of the Fos what the consumer is saying they want to believe.
One of the ten commandments is: “thou shalt not bare false witness” and it is that one which is winding up so many advisers, I suspect, as the consumer’s word appears to be taken over that of the adviser and no-one is being required to make a statement that what they are telling the Fos is the truth.
We record all our meetings as MP3 files so I will have evidence of those breaching one of the 10 commandments, including, as it happens, FCA staff.
An ‘eye for an eye’ then comes to mind, as rather than requiring that you poke someone’s eye out, it is supposed to limit excesses, so the most penalty can be an eye for an eye and not two eyes for one or someone else’s eye.
Can we have an Fos rulebook now so we know what rules to follow, which we will be judged by after doing business? The FCA rulebook is only any use in trying to defend against FCA threats and to make them swallow their own words.
Phil Castle
Director
Financial Escape
Ramsgate
Kent
