Like most practitioners I have seen the power and influence of the FOS grow through its interpretation of FSA rules and the frequently perverse nature of its adjudications. Indeed, from the above, it is clear that we already have a two-tier system of regulation where retrospection and subjective viewpoints are allowed free reign in the knowledge that such opinions are not legally challengeable.
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It has been pointed out that advisers have less legal rights than terrorists and this is an appalling indictment of a system which was designed to protect the consumer but not at the cost of bankrupting current and former advisers.
Yours sincerely
Alan Lakey
Senior partner
Highclere Financial Services
