preparing for the future
- changes for SFA firms

For SFA-regulated firms, the move from a conciliation and arbitration service to an ombudsman scheme will require some procedural changes. We hope that SFA-regulated firms are starting to review their arrangements for handling complaints in anticipation of the new rules.

One of the most significant changes concerns the arbitration service. The transitional provisions in this area allow for arbitration cases that are in progress at 30 November 2001 to continue through to determination with arbitration. However, responsibility for that process will transfer from SFA to the Financial Ombudsman Service on 1 December 2001.

Disputes that are in conciliation at 30 November 2001, and that would have been eligible to have gone to arbitration if conciliation had failed, will be determined on a similar basis as arbitration, but by an ombudsman in the Financial Ombudsman Service.

This means that from 1 June this year, where we have been unable to satisfactorily resolve a dispute, investors have until 30 November 2001 to refer their case to arbitration, and not six months as previously.

Our new procedures are designed to be flexible and we will want to maintain an active dialogue with both the firm and the customer in our handling of cases.

At all stages of the process we will be able to provide firms with information and to advise on the next steps. Please contact:

Andrea Johnson, casework manager 020 7964 0288 or

Dominic Fielding, assistant case work manager 020 7964 0188

 

liaison and training
If you have more general issues that you would like to discuss, please contact our liaison manager, Caroline Wells, who can also organise training and visits.

Caroline Wells
020 7964 0648