Panacea Adviser, the online community and resource for financial advisers, has launched ‘Dr FOSgood’s monthly clinic’ to answer adviser questions on a range of topics.
Panacea has teamed up with Alan Lakey, senior partner at Highclere Financial Services and Director of CIExpert, to offer this new monthly feature which aims to answer any concerns advisers might have around issues such as FOS, claims management companies, PPI mis-selling, and the longstop.
As a practitioner with over 30 years experience in financial services Lakey has a breadth of experience and knowledge to draw upon in order to provide information to advisers on general issues or specific cases. He will be answering questions each month and will aim to provide information in particular on the FOS and its processes as well as shedding light into the ‘musty corners’ where it often operates.
For more information on Dr FOSgood, to view his latest answers, and to submit a question please visit his surgery at: http://www.panaceaadviser.com/main/p156/Dr+Fosgoods+Surgery.htm
Advisers can also submit questions by emailing Sarah Paul at: sarahpaul@panaceaadviser.com
Derek Bradley, CEO of Panacea Adviser, said: “Dr FOSgood’s surgery is now open for business and we would like to hear from any advisers who are seeking information and clarification on a number of FOS-related issues. We all know that the ways and processes of the FOS are many and varied and it is easy for advisers to fail to recognise the major areas and the points to focus attention on. Before they know it, a case can gather impetus especially as FOS uses the Dispute Resolution Rules which are particularly malleable; FOS can also be inquisitorial which allows it to level its own complaints – even if a client has not complained in the first place.
“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.”
Lakey added: “‘FOS is an unusual creature. One that I suggest Parliament would not have dared to create had the groundwork not been laid by a series of voluntary initiatives. It is a one-sided scheme offering an unlevel playing field broadly supported by those playing up hill.’ Not my words but those of former Chief Ombudsman Walter Merricks. 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.”