New Limit for FOS

New complaints handling rules have been confirmed by the FSA and an increase in the FOS award limit from £100,000 to £150,000.

FSA Fee Calculator

In the recently issued Regulation Round Up the FSA have confirmed that their online fee calculator will be updated at the end of May to allow firms to calculate the level of their forthcoming fees.

FOS sees spike in PPI complaints but mortgage disputes drop

It has published its annual review covering the financial year, which reveals that in 2010/11 it received 7,067 mortgage complaints, down from 7,469 in 2009/2010 and 7,602 in 2008/2009. However 51% of the new cases were about the sale of payment protection insurance (PPI) with the number more than doubling to 104,597 – the highest number ever received in a year about a single financial product

ICOBS Oral Disclosure Deadline

If your firm has sold pure protection insurance then you should have received the FSA’s ‘Dear Compliance Officer’ letter dated 29^th November 2010. 

This requires all firms selling pure protection contracts to undertake a review of their processes and confirm in writing to the FSA that they are meeting the oral disclosure requirements of ICOBS. 

A deadline of six months was given to complete this check – which will expire at the end of May.