UK: Changes to voluntary jurisdiction of the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) has published a feedback statement on its consultation on proposed amendments to the scope of its voluntary jurisdiction.  The FOS received no responses to its consultation.   The Board of the Financial Ombudsman Service has accordingly made – and the FCA Board has now approved – amendments to the FCA’s Dispute Resolution: Complaints sourcebook (DISP) which broadly:

  • bring within the FOS’s voluntary jurisdiction activities that, if carried on in the UK, would have been covered by the FOS’ compulsory jurisdiction or consumer credit jurisdiction; and
  • extend the FOS’ voluntary jurisdiction in parallel to the extension of its compulsory jurisdiction in relation to alternative investment fund managers. 

The amendments came into effect on 22 July 2013 as part of the implementation of the European Union Alternative Investment Fund Managers Directive.

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