Opinion  

Fos should call time on its time-barring

Andrew Hummersome

I read with interest in the issue of 21 April that the Financial Ombudsman Service (Fos) had time-barred a complaint by an investor who had been advised to invest in an unregulated overseas fund.

This is the result of a no doubt thorough and forensic financial planning exercise regarding the £320,000 to invest that revealed he was “balanced”. I expect he was pleased to discover he was not “unbalanced” anyway.

The investor had made some noises in 2010 which had started his clock ticking under 2.8.2.R, hence “yer too late mate”.

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Have you warned your postman of an impending tsunami of letters from your readers saying how great they think Fos is? I note that the firm concerned “respects the Fos process and findings”. That looks like irony at its very best: tens of thousands of pounds of destroyed capital, and no redress.

Andrew Hummersone

Chartered financial planner

Whitehall Randall, Dartford, Kent