Fos unsure how it will meet 90-day turnaround

The Fos added that it will continue to work closely with the Financial Conduct Authority to show how the aims of the directive are being put into practice.

“But this doesn’t change the fact that we’re independent of the regulator in the way we investigate and decide individual cases.”

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Alan Lakey, director of CIExpert, told FTAdviser that he has not had a complaint in five years, but his last experience with the Fos took him around 15 months and a lot of chasing to get an adjudicator to reach a decision.

“Unless they’ve been working miracles since then, I can’t imagine how they’ll be able to achieve a 90-day turnaround in a significant amount of cases.

“It’s to do with the time it takes to accumulate evidence and then work through it to figure out exactly what happened. This is easy with PPI, but for anything more complicated it will take adjudicators longer than three months.”