information for businesses covered by the ombudsman service
This section answers a number of frequently-asked questions (FAQs) about:
how we handle cases
stakeholder products and basic advice
how will the ombudsman service deal with a complaint about the sale of a stakeholder product through the "basic advice" process?
We will assess the complaint on the understanding that the consumer received "basic advice". We will not, for instance, expect a factfind to have been completed, nor for the adviser to have made detailed enquiries to "know" the customer.
We are already used to dealing with many products where there is no requirement as regards "suitability" or "know your customer". In such cases – as long as consumers are not misled – we expect them to be responsible for their own choice. As with other products, we will take the FSA's rules and guidance into account. We will also look at good industry practice.
The FSA has published its own frequently-asked questions about its "basic advice" regulations.