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Bankole, Bluefin and Chancery: Challenges to the Jurisdiction of the FOS

14/06/2015

Jurisdiction of the FOS: S.226 of the Financial Services and Markets Act 2000 (FSMA) provides for the Financial Ombudsman Scheme (FOS) to have a compulsory jurisdiction, which may be accessed by a complainant in accordance with rules made by the FCA under FSMA Sch.17. FSMA is barely prescriptive as to the eligibility conditions, with the result that a great deal of jurisdiction-defining power was vested in the Financial Services Authority and, subsequently, the Financial Conduct Authority (FCA). The rules governing the FOS’ jurisdiction are to be found in chapter 2 of the Dispute Resolution section of the FCA Handbook (DISP).

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