'FOS decisions should be based on law,' says City law firm

With the consultation on the proposed increased of Financial Ombudsman Service (FOS) award limit to £350,000 in April - currently it is £150,000 - closing today (21 December), City law firm RPC has called for two key reforms. To ensure a level playing field for financial services firms and consumers, FOS decisions should be based on what the law says rather than based on what the FOS considers ‘fair and reasonable', said RPC. It also believes financial advisers should be able to appeal an FOS judgements to the courts; that judgement of disputes on the basis of established law and full...