A financial adviser has been told to pay £150 after taking too long to pay out compensation relating to a Fos ruling.
However, the West Sussex-based adviser said he was simply carrying out due diligence because the complainant had started using her maiden name again and he had not been given proof of her identity.
He said: “Fos told me to pay her the money, but I still had not received proof of her ID. I wrote to her asking for it but I didn’t receive anything – instead she sent it to Fos.
“It was forwarded to me but it was just a black and white photocopy, and when I asked Fos about it, they simply said they had satisfied themselves she was who she said she was.”
The adviser said he was just trying to obey the regulations and anti-money laundering laws.
But the woman complained to the ombudsman again, stating that the adviser was delaying his payments. Fos found in her favour and told the adviser to pay £150 on top of the original £2,000 fine.
Right of reply
A spokesman for Fos said: “We appreciate and understand why the business had requested information to confirm the identity of the consumer to complete the payment, given that she had reverted to her maiden name.
“But the adviser did, however, fail to initially request additional information which was required, which led to the subsequent delays.”
