Regulation  

Petition for Fos reform attracts just 500 signatures

Petition for Fos reform attracts just 500 signatures

IFAs are being urged to sign a petition calling for a vote of no confidence in Fos and for it to be subject to common law.

The parliamentary petition was created by Neil Liversidge six months ago and has attracted fewer than 500 signatures since its launch.

But Mr Liversidge, who is managing director of West Riding Personal Financial Solutions in Yorkshire and a member of the council of Apfa, believes, along with others, that this can change if advisers are made aware of the petition.

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The petition states that Fos has a track record of issuing judgments that are contradictory, illogical and made with hindsight, and calls for all its decisions to be approved by a suitably qualified judge.

He said: “If you are as fed up as I am with the Mickey Mouse pseudo-regulator known as the Financial Ombudsman Service, please sign my petition to Parliament. The Fos deserves a massive vote of ‘no confidence.’ Let us give it one.”

Adviser Robert Milligan supports the petition and pledged £1,000 towards a fund to help mortgage adviser Graham Lockstone, who stands to lose his business after a Fos decision that he should repay £90,000 to a client.

He said: “Fos needs to be reined in.”

Mr Milligan, who is himself awaiting the outcome of a Fos case, said he had discussed the decision made against Mr Lockstone with clients, solicitors and mortgage intermediaries and nobody agreed with it.

A spokesman for Fos said it would not be appropriate to comment on the petition.

FT Adviser received 84 comments on the Lockstone decision as advisers vented their anger.