Highclere Financial Services senior partner Alan Lakey and adviser community website Panacea Adviser have teamed up to launch a helpline for advisers tackling Financial Ombudsman Service (FOS) related issues.
Dr FOSgood’s monthly clinic will take questions from advisers on issues such as the Financial Ombudsman Service (FOS), claims management companies, payment protection insurance mis-selling, and the long-stop.
Answers to adviser gripes will be provided by Lakey (pictured) in an agony aunt-type guise on a monthly basis via the Panacea website.
Advisers are able to submit questions by emailing Sarah Paul at: [email protected]
The FOS rules and processes serve to confuse advisers, particularly those that thus far have had little or no interaction with them
A 15-year end to the time complaints can be brought against financial advice, anchored in common law, was written out of the legislation governing the FOS and financial services regulator, meaning complaints can now be brought indefinitiely.
Lakey, who quit his role as a member of the Association of Professional Financial Advisers (APFA) council last month, is known for his campaign work on re-instating a long-stop for advisers, having previously led lobby group Adviser Alliance in its fight for a judicial review into the absence of an industry long-stop.
He said about his new venture: "The FOS rules and processes serve to confuse advisers, particularly those that thus far have had little or no interaction with them.
"Therefore with this monthly Dr FOSgood feature on the Panacea Adviser site we will be looking to provide a little clarity for those that have yet to engage with the Ombudsman and those that are currently ‘in negotiations'. We hope it will be illuminating for all concerned."
Panacea Adviser chief executive Derek Bradley added: "We wanted to allow advisers the chance to hear from an industry expert in these matters and Alan has kindly agreed to don his white coat each month to answer the various questions that come in.
"It is to be expected that many advisers will have specific cases they want to engage on and given that Alan has a formidable knowledge base and a strong reputation in the industry, we feel able to provide some insight that can support an adviser in their dealings with the ombudsman.
"We would urge all advisers looking for greater knowledge and a steer on any ongoing case to ‘pop in' and see the Doctor."
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