FOS already using planner expertise: Tregillis
The Financial Ombudsman Service (FOS) already calls on the expertise of financial planners to help it in dealing with disputes, according to the Chief Ombudsman, Shane Tregillis.
Responding to reports of the FPA's call for experienced financial planners to be included in panels dealing with advice disputes, Tregellis said that of the nine people sitting on the FOS investment panel, seven were "Certified Financial Planning practitioners".
What is more, he wrote to Money Management saying that "FOS also has a number of qualified financial planners and staff who have worked in professional advisory firms in its investments and advice case management teams".
The FPA's submission to the Government's Review of the External Dispute Resolution Framework suggested that there had been instances where there had been too little expertise to make a proper assessment.
However Tregellis' letter claimed FOS brought in the expertise when required.
"FOS will utilise the services of panel members when there is a need in a particular dispute to bring in additional expertise. These panel members may also be called upon to make a general contribution to FOS and its decision-making processes, including drafting, loss calculation and staff training," he wrote.
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