Financial Conduct Authority (FCA) technical specialist Rory Percival has re-issued a call to financial advisers to offer up evidence of discrepancies between how the regulator and ombudsman view liability – and said he had even taken to looking at adjudications himself to locate some.
“I believe the perceived difference between the FCA view and the ombudsman (Financial Ombudsman Service) view is a myth. The main reason I say that is because I’ve got no evidence so far that there is a difference.”
Advisers and regulatory lawyers have claimed there are inconsistencies between how the FCA and FOS handle dispute cases.
“If you’ve got a reference number of a case that goes against what we are saying or against our approach, let me know. I keep saying this and I still haven’t seen a single one yet. No one has sent me any evidence.
“I’m not going to change my view on this until I see some evidence.”
Percival said he and a colleague had looked at a “couple of dozen” of ombudsman adjudications and “not one of those has caused us any concerns about there being a difference between the FOS and the FCA in how they determine cases.”
The FOS will contribute to roadshows in the next quarter as part of the FCA presentations.
“I genuinely think this is a perceived risk not a real risk,” he said.
