The Financial Ombudsman Service (FOS) has published a consultation paper setting out the amendments it proposes to make to the voluntary jurisdiction (VJ) rules in the FCA’s Dispute Resolution: Complaints sourcebook (DISP).
The FCA is responsible for making the rules for the compulsory jurisdiction (CJ) and the FOS is responsible for making the rules for the VJ. It is generally the FOS’ policy for the rules and standard terms for the VJ to match those for the CJ. This is to minimise confusion for consumers and financial businesses, and for operational simplicity.
Part 2 of DISP sets out the scope of the VJ. The FCA is proposing to make minor amendments to correct some historic drafting discrepancies, amend the glossary of definitions in relation to consumer buy-to let firms and remove reference to the consumer credit jurisdiction for the purposes of the CJ. The FCA has power to make such administrative changes without a consultation while the FOS is required to consult to make the same changes. Annex A contains the draft rules instrument to implement this proposal.
The consultation deadline is 9 November 2016.
View FOS consultation amendment to rules, 24 October 2016