DISP INTRO
Introduction
DISP INTRO 1
Introduction
- 01/12/2004
In addition, the Consumer Credit Act 2006 has amended the Act giving the Financial Ombudsman Service power to make rules for the resolution of certain disputes against holders of standard licences (licensees) issued by the Office of Fair Trading under the Consumer Credit Act 1974.
This module of the FSA Handbook contains the rules and guidance relating to the handling of complaints by firms and licensees and to the operation of the Financial Ombudsman Service. Responsibility for the rules relating to the Financial Ombudsman Service is shared under the Act between the FSA and the FOS Ltd, with those rules and other requirements written by the FOS Ltd being subject to approval by, or the consent of, the FSA.
Under the Act, the Financial Ombudsman Service comprises three jurisdictions: (a) The Compulsory Jurisdiction covers firms which are required to participate in the Financial Ombudsman Service in respect of complaints about activities specified by the FSA [and unauthorised persons subject to the Compulsory Jurisdiction in relation to relevant complaints]; (b) The Consumer Credit Jurisdiction covers licensees which are required to participate in the Financial Ombudsman Service in respect of complaints specified by the Financial Ombudsman Service and arising in the course of consumer credit activities;(c) The Voluntary Jurisdiction can cover financial services activities not included in the Compulsory Jurisdiction or the Consumer Credit Jurisdiction. Both firms and unauthorised firms can participate in the Voluntary Jurisdiction by contractual agreement with the FOS Ltd (in accordance with the Standard Terms - see below) and are known as VJ participants.
Although the authority to make the rules relating to the Compulsory Jurisdiction, the Consumer Credit Jurisdiction and the Voluntary Jurisdiction derives from different sections of the Act, the provisions have been co-ordinated to ensure that, wherever possible, they are identical.
Chapter 1: Complaint handling procedures for firms and licensees
These rules set out the complaint handling procedures which firms and licensees capable of giving rise to an eligible complaint under the Compulsory Jurisdiction or the Consumer Credit Jurisdiction (see Chapter 2) must establish. In relation to the Compulsory Jurisdiction, they are made by the FSA under section 138 of the Act and paragraph 13 of Schedule 17 to the Act. In relation to the Consumer Credit Jurisdiction, they are made by the Financial Ombudsman Service under Paragraph 16B of Schedule 17 to the Act subject to approval by the FSA. These rules, with some exceptions, are applied to VJ participants by contract via the Standard Terms set by the FOS Ltd (Chapter 4).
Chapter 2: Jurisdiction Rules
These rules set out the scope of the Compulsory Jurisdiction, the Consumer Credit Jurisdiction and the Voluntary Jurisdiction of the Financial Ombudsman Service. They specify who can refer a complaint to the Financial Ombudsman Service and the time limits for doing so, as well as which activities are covered by the Compulsory Jurisdiction, the Consumer Credit Jurisdiction and the Voluntary Jurisdiction. The rules also set out the territorial scope of the Financial Ombudsman Service. They are relevant to consumers who may wish to refer complaints to the Financial Ombudsman Service; to firms which are subject to the Compulsory Jurisdiction; to unauthorised persons who are subject to the Compulsory Jurisdiction in relation to relevant complaints; to licensees which are subject to the Consumer Credit Jurisdiction; to VJ participants and to the Ombudsman himself. The rules relating to the scope of the Compulsory Jurisdiction are made by the FSA (under section 226 of the Act); the rules relating to the scope of the Consumer Credit Jurisdiction are made by FOS Ltd under section 226A of the Act, with FSA approval; the rules relating to the scope of the Voluntary Jurisdiction are made by the FOS Ltd, with FSA approval (under section 227). The rules relating to the time limits for referring a complaint to the Financial Ombudsman Service are made by the FSA under paragraph 13 of Schedule 17 to the Act and are applied to VJ participants by contract via the Standard Terms set by the FOS Ltd.
Chapter 3: Complaint handling procedures of the Financial Ombudsman Service
These rules apply to the Ombudsman, to firms, and to unauthorised persons who are subject to the Compulsory Jurisdiction in relation to relevant complaints and to licensees who are subject to the Consumer Credit Jurisdiction. They are also relevant to complainants. They set out how the FOS Ltd and, in particular, the Ombudsman will handle complaints under the Financial Ombudsman Service. For the purposes of the Compulsory Jurisdiction, they comprise the scheme rules and the costs rules (made by the FOS Ltd, with FSA consent or approval, under paragraph 14 of Schedule 17 and section 230 respectively) and rules made by the FSA on the kinds of loss or damage that can be compensated, including the maximum amount which can be awarded (s229). For the purposes of the Consumer Credit Jurisdiction, they comprise rules made by the Financial Ombudsman Service with FSA approval under paragraph 16B (1) of Schedule 17 to the Act. These procedural rules are applied to VJ participants via the Standard Terms.
Chapter 4: The Standard Terms
The Standard Terms are made, with FSA approval, by the FOS Ltd under paragraph 18 of Schedule 17 to the Act and are the contractual terms by which VJ participants participate in the Voluntary Jurisdiction.
- 01/12/2004
Appendix 1: Relevant Existing Complaints
The Ombudsman Transitional Order, made by HM Treasury under sections 426-428 of the Act, extends the scope of the Financial Ombudsman Service to enable it to deal with complaints about pre-commencement business where these could have been handled by a former scheme ("relevant complaints") and makes special provision for the handling of these complaints.
It distinguishes between:
(a) relevant existing complaints (ie complaints referred to, but not determined by, a former scheme (other than the Personal Insurance Arbitration Service) before commencement (see article 2 of the Ombudsman Transitional Order); and
(b) relevant new complaints (ie complaints referred to the Financial Ombudsman Service after commencement which relate to a pre-commencement act or omission, in respect of which the firm was, immediately before commencement, subject to a former scheme) (see article 3 of the Ombudsman Transitional Order).
The Order enables the FOS Ltd, with only a few exceptions, to handle relevant new complaints in accordance with its new procedures, as set out in DISP 1 to 5 and these are covered in the main body of the DISP rules. Except as otherwise indicated, the term "complaint" in DISP 1 to 5 therefore includes a relevant new complaint.
However, the Ombudsman Transitional Order makes different provision for the handling of relevant existing complaints (ie complaints which the former schemes have partly completed at commencement). These complaints will be passed over to the Financial Ombudsman Service by the former schemes (except the Personal Insurance Arbitration Service) at commencement and the Ombudsman Transitional Order requires the FOS Ltd to complete the handling of these cases. However, it provides that the Financial Ombudsman Service must do this, in a significant number of respects, in accordance with the procedures of the relevant former scheme. The arrangements for dealing with these complaints are set out in DISP App 1. This describes the ways in which relevant existing complaints must be treated differently from other complaints dealt with under the Financial Ombudsman Service, but cross refers to the provisions in DISP 1 to 5, where appropriate. (DISP 1 explains how complaints which are partly completed by firms (as distinct from former schemes) at commencement are to be handled.)
- 01/12/2004
- 01/12/2004
DISP 1
Treating complainants fairly
DISP 1.1
Purpose and application
- 01/11/2007
- Past version of DISP 1.1 before 01/11/2007
Purpose
DISP 1.1.1
See Notes
Background
DISP 1.1.2
See Notes
Application to firms
DISP 1.1.3
See Notes
DISP 1.1.4
See Notes
- 01/11/2007
- Past version of DISP 1.1.4 before 01/11/2007
DISP 1.1.5
See Notes
DISP 1.1.6
See Notes
DISP 1.1.7
See Notes
- 01/11/2007
- Past version of DISP 1.1.7 before 01/11/2007
DISP 1.1.8
- 01/11/2007
DISP 1.1.9
- 01/11/2007
DISP 1.1.10
See Notes
FSAVC Review
DISP 1.1.11
See Notes
Exemptions
DISP 1.1.12
See Notes
DISP 1.1.13
See Notes
- 01/11/2007
Application to licensees and VJ participants
DISP 1.1.14
See Notes
DISP 1.1.15
See Notes
DISP 1.1.16
See Notes
- 01/11/2007
DISP 1.1.17
See Notes
- 01/11/2007
DISP 1.1.18
See Notes
- 01/11/2007
Outsourcing of complaint handling
DISP 1.1.19
See Notes
- 01/11/2007
DISP 1.1.20
See Notes
- 01/11/2007
DISP 1.2
Consumer awareness rules
- 01/11/2007
- Past version of DISP 1.2 before 01/11/2007
DISP 1.2.1
See Notes
DISP 1.2.2
See Notes
DISP 1.2.3
See Notes
DISP 1.2.4
See Notes
- 01/11/2007
- Past version of DISP 1.2.4 before 01/11/2007
DISP 1.2.5
See Notes
- 01/11/2007
- Past version of DISP 1.2.5 before 01/11/2007
DISP 1.3
Complaints handling rules
- 01/11/2007
- Past version of DISP 1.3 before 01/11/2007
DISP 1.3.1
See Notes
DISP 1.3.2
See Notes
- 01/11/2007
- Past version of DISP 1.3.2 before 01/11/2007
DISP 1.3.3
See Notes
- 01/11/2007
- Past version of DISP 1.3.3 before 01/11/2007
DISP 1.3.4
See Notes
DISP 1.3.5
See Notes
- 01/11/2007
- Past version of DISP 1.3.5 before 01/11/2007
DISP 1.4
Complaints resolution rules
- 01/11/2007
- Past version of DISP 1.4 before 01/11/2007
DISP 1.4.1
See Notes
DISP 1.4.2
See Notes
DISP 1.4.3
See Notes
- 01/11/2007
- Past version of DISP 1.4.3 before 01/11/2007
DISP 1.4.4
See Notes
- 01/11/2007
- Past version of DISP 1.4.4 before 01/11/2007
DISP 1.4.5
See Notes
DISP 1.5
Complaints resolved by close of the next business day
- 01/11/2007
- Past version of DISP 1.5 before 01/11/2007
DISP 1.5.1
See Notes
DISP 1.5.2
See Notes
- 01/11/2007
- Past version of DISP 1.5.2 before 01/11/2007
DISP 1.5.3
See Notes
- 01/11/2007
- Past version of DISP 1.5.3 before 01/11/2007
DISP 1.6
Complaints time limit rules
- 01/11/2007
- Past version of DISP 1.6 before 01/11/2007
Keeping the complainant informed
DISP 1.6.1
See Notes
- 01/11/2007
- Past version of DISP 1.6.1 before 01/11/2007
Final or other response within eight weeks
DISP 1.6.2
See Notes
DISP 1.6.3
See Notes
- 01/11/2007
Complainant's written acceptance
DISP 1.6.4
See Notes
Respondents with two-stage complaints procedures
DISP 1.6.5
See Notes
DISP 1.6.6
See Notes
- 01/11/2007
Speed and quality of response
DISP 1.6.7
See Notes
DISP 1.6.8
See Notes
- 01/11/2007
DISP 1.7
Complaints forwarding rules
- 01/11/2007
- Past version of DISP 1.7 before 01/11/2007
DISP 1.7.1
See Notes
- 01/11/2007
- Past version of DISP 1.7.1 before 01/11/2007
Dealing with a forwarded complaint
DISP 1.7.2
See Notes
- 01/11/2007
- Past version of DISP 1.7.2 before 01/11/2007
DISP 1.7.3
See Notes
- 01/11/2007
- Past version of DISP 1.7.3 before 01/11/2007
DISP 1.8
Complaints time barring rule
- 01/11/2007
DISP 1.8.1
See Notes
DISP 1.9
Complaints record rule
- 01/11/2007
DISP 1.9.1
See Notes
DISP 1.10
Complaints reporting rules
- 01/11/2007
DISP 1.10.1
See Notes
- 01/11/2007
DISP 1.10.2
See Notes
DISP 1.10.3
See Notes
DISP 1.10.4
See Notes
- 01/11/2007
DISP 1.10.5
See Notes
- 01/11/2007
DISP 1.10.6
See Notes
- 01/11/2007
DISP 1.10.7
See Notes
DISP 1.10.8
See Notes
- 01/11/2007
Notification of contact point for complainants
DISP 1.10.9
See Notes
- 01/11/2007
DISP 1.11
The Society of Lloyd's
- 01/11/2007
DISP 1.11.1
See Notes
- 01/11/2007
DISP 1.11.2
See Notes
- 01/11/2007
DISP 1.11.3
See Notes
- 01/11/2007
DISP 1.11.4
See Notes
- 01/11/2007
DISP 1.11.5
See Notes
- 01/11/2007
DISP 1.11.6
See Notes
- 01/11/2007
DISP 1.11.7
See Notes
- 01/11/2007
DISP 1.11.8
See Notes
- 01/11/2007
DISP 1.11.9
See Notes
- 01/11/2007
DISP 1.11.10
See Notes
- 01/11/2007
DISP 1.11.11
See Notes
- 01/11/2007
DISP 1.11.12
See Notes
- 01/11/2007
DISP 1.11.13
See Notes
- 01/11/2007
DISP 1.11.14
See Notes
- 01/11/2007
DISP 1.11.15
See Notes
- 01/11/2007
DISP 1.11.16
See Notes
- 01/11/2007
DISP 1.11.17
See Notes
- 01/11/2007
DISP 1.11.18
See Notes
- 01/11/2007
DISP 1.11.19
See Notes
- 01/11/2007
DISP 1.11.20
See Notes
- 01/11/2007
DISP 1.11.21
See Notes
- 01/11/2007
DISP 1 Annex 1
Complaints return form
- 01/12/2004
See Notes
This annex consists only of one or more forms. Forms are to be found through the following address:
Complaints return form - DISP 1 Annex 1 R
DISP 1 Annex 2
See Notes
1. | The table below summarises the application of DISP 1. Where the table indicates that a particular section may apply, its application in relation to any particular activity or complaint is dependent on the detailed application provisions set out in DISP 1. |
2. | In some cases the application of DISP 1 to firms depends on whether responsibility for the matter is reserved under a European Community instrument to an incoming EEA firm's Home State regulator. Reference should be made to the detailed application provisions set out in DISP 1. |
Type of respondent | DISP 1.2 Consumer awareness rules |
DISP 1.3 Complaints handling rules |
DISP 1.4 - 1.8 Complaints resolution rules etc. |
DISP 1.9 Complaints record rule |
DISP 1.10 Complaints reporting rules |
firm in relation to complaints concerning non-MiFID business | Applies for eligible complainants | Applies for eligible complainants (DISP 1.3.4 G does not apply) |
Applies for eligible complainants | Applies for eligible complainants | Applies for eligible complainants |
firm in relation to complaints concerning MiFID business | Applies for eligible complainants | Applies for retail clients (DISP 1.3.3 R does not apply) |
Applies for eligible complainants | Applies for retail clients | Applies for eligible complainants |
branch of a UK firm in another EEA State in relation to complaints concerning non-MiFID business | Does not apply | Does not apply | Does not apply | Does not apply | Does not apply |
branch of a UK firm in another EEA State in relation to complaints concerning MiFID business | Does not apply | Applies for retail clients (DISP 1.3.3 R does not apply) | Does not apply | Applies for retail clients | Does not apply |
incoming branch of an EEA firm in relation to complaints concerning non-MiFID business | Applies for eligible complainants | Applies for eligible complainants | Applies for eligible complainants | Applies for eligible complainants | Applies for eligible complainants |
incoming branch of an EEA firm in relation to complaints concerning MiFID business | Applies for eligible complainants | Does not apply | Applies for eligible complainants | Does not apply | Applies for eligible complainants |
incoming EEA firm providing cross-border services from outside the UK | Does not apply | Does not apply | Does not apply | Does not apply | Does not apply |
branch of an overseas firm (in relation to all complaints) | Applies for eligible complainants | Applies for eligible complainants | Applies for eligible complainants | Applies for eligible complainants | Applies for eligible complainants |
licensee | Applies for eligible complainants | Applies for eligible complainants (DISP 1.3.4 G to DISP 1.3.5 G do not apply) |
Applies for eligible complainants (DISP 1.6.8 G does not apply) |
Does not apply | Does not apply |
VJ participant | Applies for eligible complainants | Applies for eligible complainants (DISP 1.3.4 G to DISP 1.3.5 G do not apply) |
Applies for eligible complainants (DISP 1.6.8 G does not apply) |
Does not apply | Does not apply |
Export chapter as
DISP 2
Jurisdiction of the Financial Ombudsman Service
DISP 2.1
Application and Purpose
- 01/12/2004
- Future version of DISP 2.1 after 06/04/2008
Application
DISP 2.1.1
See Notes
DISP 2.1.2
See Notes
DISP 2.1.3
See Notes
DISP 2.1.4
See Notes
DISP 2.1.4A
See Notes
- 06/04/2007
Purpose
DISP 2.1.5
See Notes
DISP 2.2
Which complaints can be dealt with under the Financial Ombudsman Service?
- 01/12/2004
Complaints (other than relevant new complaints or relevant transitional complaints)
DISP 2.2.1
See Notes
Relevant new complaints
DISP 2.2.2
See Notes
- 01/04/2002
Relevant transitional complaints
DISP 2.2.2A
See Notes
- 31/10/2004
Dismissal of complaints without consideration of the merits
DISP 2.2.3
See Notes
- 01/04/2002
DISP 2.3
Time Limits for referral of complaints to the Financial Ombudsman Service
- 01/12/2004
- Future version of DISP 2.3 after 06/04/2008
DISP 2.3.1
See Notes
DISP 2.3.1A
See Notes
- 01/02/2003
DISP 2.3.2
See Notes
DISP 2.3.3
See Notes
DISP 2.3.4
See Notes
Exceptions for reviews of past business
DISP 2.3.5
See Notes
Exceptions for certain mortgage endowment complaints
DISP 2.3.6
See Notes
- 01/06/2004
DISP 2.4
Who can refer a complaint to the Financial Ombudsman Service?
- 01/12/2004
- Future version of DISP 2.4 after 06/04/2008
DISP 2.4.1
See Notes
DISP 2.4.2
See Notes
- 06/04/2007
- Past version of DISP 2.4.2 before 06/04/2007
Classes of person
DISP 2.4.3
See Notes
- 01/11/2007
- Past version of DISP 2.4.3 before 01/11/2007
DISP 2.4.4
See Notes
- 06/04/2007
- Past version of DISP 2.4.4 before 06/04/2007
DISP 2.4.5
See Notes
- 06/04/2007
- Past version of DISP 2.4.5 before 06/04/2007
DISP 2.4.6
See Notes
- 01/04/2002
Eligible complainants: customers
DISP 2.4.7
See Notes
- 06/04/2007
- Past version of DISP 2.4.7 before 06/04/2007
Eligible complainants: potential customers
DISP 2.4.8
See Notes
- 06/04/2007
- Past version of DISP 2.4.8 before 06/04/2007
DISP 2.4.9
See Notes
- 06/04/2007
- Past version of DISP 2.4.9 before 06/04/2007
Eligible complainants: indirect complaints
DISP 2.4.10
See Notes
DISP 2.4.11
See Notes
DISP 2.4.12
See Notes
DISP 2.4.12A
See Notes
- 01/12/2004
DISP 2.4.13
See Notes
- 01/09/2003
DISP 2.4.14
See Notes
- 31/10/2004
DISP 2.4.15
See Notes
- 01/04/2002
DISP 2.4.15A
See Notes
- 31/10/2004
DISP 2.4.15B
See Notes
- 31/10/2004
Representatives of eligible complainants
DISP 2.4.16
See Notes
- 01/04/2002
DISP 2.4.17
See Notes
DISP 2.5
Which firms are subject to the jurisdiction of the Financial Ombudsman Service?
- 01/12/2004
- Future version of DISP 2.5 after 06/04/2008
Firms and VJ participants
DISP 2.5.1
See Notes
DISP 2.5.2
See Notes
Members of the Society of Lloyd's
DISP 2.5.3
See Notes
DISP 2.5.4
See Notes
DISP 2.6
To which activities do the rules apply?
- 01/12/2004
- Future version of DISP 2.6 after 06/04/2008
The Compulsory Jurisdiction
DISP 2.6.1
See Notes
DISP 2.6.2
See Notes
DISP 2.6.3
See Notes
DISP 2.6.3A
See Notes
- 31/10/2004
DISP 2.6.4
See Notes
DISP 2.6.5
See Notes
DISP 2.6.6
See Notes
- 01/09/2003
DISP 2.6.7
See Notes
- 01/04/2002
DISP 2.6.8
See Notes
- 01/04/2002
The Consumer Credit Jurisdiction
DISP 2.6.8A
See Notes
consumer credit activities or activities ancillary to them.
- 06/04/2007
DISP 2.6.8B
See Notes
- 06/04/2007
DISP 2.6.8C
See Notes
- 06/04/2007
The Voluntary Jurisdiction
DISP 2.6.9
See Notes
- 06/04/2007
- Past version of DISP 2.6.9 before 06/04/2007
DISP 2.6.9A
See Notes
- 01/12/2004
Acting as an intermediary for a loan secured by a charge over land
DISP 2.6.9B
See Notes
- 01/12/2004
Acting as an intermediary for general insurance business or long-term insurance business
DISP 2.6.9C
See Notes
- 01/04/2002
DISP 2.6.10
See Notes
- 01/04/2002
DISP 2.6.10A
See Notes
- 01/12/2004
DISP 2.6.10B
See Notes
- 01/12/2004
DISP 2.6.11
See Notes
- 01/04/2002
DISP 2.6.12
See Notes
DISP 2.6.13
See Notes
- 01/04/2002
DISP 2.7
The territorial scope of the jurisdiction of the Financial Ombudsman Service
- 01/12/2004
- Future version of DISP 2.7 after 06/04/2008
DISP 2.7.1
See Notes
DISP 2.7.2
See Notes
DISP 2.7.3
See Notes
DISP 2.7.4
See Notes
DISP 2.7.4A
See Notes
- 06/04/2007
DISP 2.7.5
See Notes
DISP 2.7.6
See Notes
DISP 3
Complaint handling procedures of the Financial Ombudsman Service
DISP 3.1
Application and Purpose
- 01/12/2004
- Future version of DISP 3.1 after 06/04/2008
Application
DISP 3.1.2
See Notes
DISP 3.1.3
See Notes
DISP 3.1.4
See Notes
DISP 3.1.5
See Notes
DISP 3.1.5A
See Notes
- 06/04/2007
DISP 3.1.6
See Notes
- 31/10/2004
Purpose
DISP 3.1.7
See Notes
- 01/04/2002
DISP 3.2
The investigation and consideration of complaints by the Ombudsman
- 01/12/2004
- Future version of DISP 3.2 after 06/04/2008
DISP 3.2.1
See Notes
DISP 3.2.2
See Notes
DISP 3.2.3
See Notes
DISP 3.2.4
See Notes
DISP 3.2.5
See Notes
DISP 3.2.6
See Notes
DISP 3.2.7
See Notes
- 06/04/2007
- Past version of DISP 3.2.7 before 06/04/2007
DISP 3.2.8
See Notes
- 06/04/2007
- Past version of DISP 3.2.8 before 06/04/2007
DISP 3.2.9
See Notes
- 01/04/2002
DISP 3.2.10
See Notes
- 01/04/2002
DISP 3.2.11
See Notes
- 01/04/2002
DISP 3.2.12
See Notes
- 01/04/2002
DISP 3.2.13
See Notes
- 01/04/2002
DISP 3.2.14
See Notes
- 01/04/2002
DISP 3.3
Dismissal of complaints without consideration of the merits
- 01/12/2004
- Future version of DISP 3.3 after 06/04/2008
DISP 3.3.1
See Notes
DISP 3.3.1A
See Notes
DISP 3.3.1B
See Notes
DISP 3.3.2
See Notes
DISP 3.3.2A
See Notes
- 31/10/2004
DISP 3.3.3
See Notes
DISP 3.3.4
See Notes
DISP 3.3.5
See Notes
DISP 3.3.6
See Notes
DISP 3.4
Referral of a complaint to another complaints scheme for determination
- 01/12/2004
- Future version of DISP 3.4 after 06/04/2008
DISP 3.4.1
See Notes
DISP 3.5
Evidence
- 01/12/2004
- Future version of DISP 3.5 after 06/04/2008
DISP 3.5.1
See Notes
DISP 3.5.2
See Notes
DISP 3.5.3
See Notes
DISP 3.5.4
See Notes
DISP 3.5.5
See Notes
DISP 3.5.6
See Notes
DISP 3.6
Time limits
- 01/12/2004
- Future version of DISP 3.6 after 06/04/2008
DISP 3.6.1
See Notes
DISP 3.6.2
See Notes
DISP 3.6.3
See Notes
DISP 3.7
Delegation of the Ombudsman's powers
- 01/12/2004
- Future version of DISP 3.7 after 06/04/2008
DISP 3.7.1
See Notes
- (1) Only an Ombudsman may determine a complaint or decide the circumstances in which information may be disclosed under DISP 3.10.1 R (3).
- (2) The Ombudsman may designate members of the staff of FOS Ltd to exercise any of the other powers of the Ombudsman relating to the reference, investigation or consideration of a complaint.
- (3) Where any person is so designated, DISP 2 - DISP 4 apply as if any reference to "the Ombudsman" included a reference to that person.
DISP 3.7.2
See Notes
DISP 3.8
Determination by the Ombudsman
- 01/12/2004
- Future version of DISP 3.8 after 06/04/2008
Opinion as to fairness and reasonableness
DISP 3.8.1
See Notes
DISP 3.8.2
See Notes
- 01/04/2002
DISP 3.8.2A
See Notes
- 31/10/2004
The Ombudsman's determination
DISP 3.8.3
See Notes
DISP 3.9
Awards by the Ombudsman
- 01/12/2004
- Future version of DISP 3.9 after 06/04/2008
Money awards
DISP 3.9.1
See Notes
- 06/04/2007
- Past version of DISP 3.9.1 before 06/04/2007
DISP 3.9.2
See Notes
DISP 3.9.3
See Notes
- 01/04/2002
DISP 3.9.4
See Notes
- 01/04/2002
Limits on money awards
DISP 3.9.5
See Notes
- 01/04/2002
DISP 3.9.6
See Notes
- 06/04/2007
- Past version of DISP 3.9.6 before 06/04/2007
DISP 3.9.7
See Notes
- 01/04/2002
DISP 3.9.8
See Notes
- 01/04/2002
DISP 3.9.9
See Notes
- 01/04/2002
Costs
DISP 3.9.10
See Notes
- 01/04/2002
DISP 3.9.11
See Notes
- 01/04/2002
DISP 3.9.12
See Notes
- 01/04/2002
DISP 3.9.13
See Notes
- 01/04/2002
Complying with awards and settlements
DISP 3.9.14
See Notes
DISP 3.9.15
See Notes
- 01/04/2002
DISP 3.9.16
See Notes
- 01/04/2002
DISP 3.9.17
See Notes
- 01/04/2002
DISP 3.10
Dealing with information
- 01/12/2004
DISP 3.10.1
See Notes
- 01/04/2002
DISP 3.10.2
See Notes
- 31/10/2004
DISP 3.10.3
See Notes
- 31/10/2004
DISP 4
Standard terms
DISP 4.1
Application and Purpose
- 01/12/2004
- Future version of DISP 4.1 after 06/04/2008
Application
DISP 4.1.1
See Notes
Purpose
DISP 4.1.2
See Notes
DISP 4.2
The standard terms
- 01/12/2004
- Future version of DISP 4.2 after 06/04/2008
DISP 4.2.1
See Notes
Complaint handling procedures
DISP 4.2.2
See Notes
DISP 4.2.3
See Notes
Jurisdiction of the Financial Ombudsman Service
DISP 4.2.4
See Notes
DISP 4.2.5
See Notes
Complaint handling procedures of the Financial Ombudsman Service
DISP 4.2.6
See Notes
Liability
DISP 4.2.7
See Notes
Determination and awards
DISP 4.2.8
See Notes
DISP 4.2.9
See Notes
- 01/04/2002
Enforcement of a determination
DISP 4.2.10
See Notes
- 01/04/2002
Withdrawal from the Voluntary Jurisdiction of the Financial Ombudsman Service
DISP 4.2.11
See Notes
- 01/04/2002
DISP 4.2.12
See Notes
DISP 4.2.13
See Notes
DISP 4.2.14
See Notes
- 01/12/2004
DISP 5
Funding Rules
DISP 5.1
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.1 before 01/01/2006
DISP 5.2
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.2 before 01/01/2006
DISP 5.3
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.3 before 01/01/2006
DISP 5.4
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.4 before 01/01/2006
DISP 5.5
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.5 before 01/01/2006
DISP 5.6
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.6 before 01/01/2006
DISP 5.7
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.7 before 01/01/2006
DISP 5.8
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.8 before 01/01/2006
DISP 5.9
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.9 before 01/01/2006
DISP 5.10
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding).]
- 01/01/2006
- Past version of DISP 5.10 before 01/01/2006
DISP 5 Annex 1R
[deleted: provisions relating to the funding rules for the Financial Ombudsman Service are set out in FEES 5 (Financial Ombudsman Service Funding)]
DISP App 1
Relevant Existing Complaints
DISP App 1.1
Application and Purpose
Application
DISP App 1.1.1
See Notes
DISP App 1.1.2
See Notes
Purpose
DISP App 1.1.3
See Notes
DISP App 1.1.4
See Notes
DISP App 1.1.5
See Notes
DISP App 1.1.6
See Notes
DISP App 1.2
Eligible complaint
DISP App 1.2.1
See Notes
DISP App 1.2.2
See Notes
DISP App 1.2.3
See Notes
DISP App 1.3
Eligible complainant
DISP App 1.3.1
See Notes
DISP App 1.4
Time limits
DISP App 1.4.1
See Notes
DISP App 1.5
Determination of complaints
DISP App 1.5.1
See Notes
DISP App 1.5.2
See Notes
DISP App 1.5.3
See Notes
DISP App 1.5.4
See Notes
DISP App 1.6
Criteria for determining complaints
DISP App 1.6.1
See Notes
DISP App 1.6.2
See Notes
DISP App 1.7
Awards and remedies
- 01/12/2004
DISP App 1.7.1
See Notes
- 01/04/2002
DISP App 1.8
Extent to which awards are binding
- 01/12/2004
DISP App 1.8.1
See Notes
- 01/04/2002
DISP App 1.8.2
See Notes
- 01/04/2002
DISP App 1.8.3
See Notes
- 01/04/2002
DISP App 1.8.4
See Notes
- 01/04/2002
DISP App 1.8.5
See Notes
- 01/04/2002
DISP App 1.8.6
See Notes
- 01/04/2002
DISP App 1.9
Complaints determined before commencement
- 01/12/2004
DISP App 1.9.1
See Notes
- 01/04/2002
DISP App 1.9.2
See Notes
- 01/04/2002
DISP App 1.9.3
See Notes
- 01/04/2002
DISP App 1.9.4
See Notes
- 01/04/2002
DISP App 1.9.5
See Notes
- 01/04/2002
DISP App 1.10
Enforceability of awards
- 01/12/2004
DISP App 1.10.1
See Notes
- 01/04/2002
DISP App 1.10.2
See Notes
- 01/04/2002
DISP App 1.11
Costs
- 01/12/2004
DISP App 1.11.1
See Notes
- 01/04/2002
DISP App 1.12
Funding and fees
- 01/12/2004
DISP App 1.12.1
See Notes
DISP App 1.13
Time limits, record keeping and reporting requirements
- 01/12/2004
DISP App 1.13.1
See Notes
- 01/04/2002
DISP App 1.14
Cooperation with the Ombudsman
- 01/12/2004
DISP App 1.14.1
See Notes
- 01/04/2002
Export chapter as
DISP App 2
Handling
Mortgage Endowment Complaints
DISP App 2.1
Introduction
- 01/12/2004
DISP App 2.1.1
See Notes
- 01/04/2002
DISP App 2.1.2
See Notes
- 01/04/2002
DISP App 2.1.3
See Notes
- 01/04/2002
DISP App 2.1.4
See Notes
- 01/04/2002
DISP App 2.1.5
See Notes
- 01/04/2002
DISP App 2.1.6
See Notes
- 01/04/2002
DISP App 2.1.7
See Notes
- 01/04/2002
DISP App 2.1.8
See Notes
- 01/04/2002
DISP App 2.2
The standard approach to redress
- 01/12/2004
DISP App 2.2.1
See Notes
- 01/04/2002
DISP App 2.2.2
See Notes
- 01/04/2002
DISP App 2.2.3
See Notes
- 01/04/2002
DISP App 2.2.4
See Notes
- 01/04/2002
DISP App 2.2.5
See Notes
- 01/04/2002
DISP App 2.2.6
See Notes
- 01/04/2002
DISP App 2.2.7
See Notes
- 01/04/2002
DISP App 2.2.8
See Notes
- 01/04/2002
DISP App 2.2.9
See Notes
- 01/04/2002
DISP App 2.2.10
See Notes
- 01/04/2002
DISP App 2.2.11
See Notes
- 01/04/2002
DISP App 2.2.12
See Notes
- 01/04/2002
DISP App 2.2.13
See Notes
- 01/04/2002
DISP App 2.2.14
See Notes
- 01/04/2002
DISP App 2.2.15
See Notes
- 01/04/2002
DISP App 2.2.16
See Notes
- 01/04/2002
DISP App 2.2.17
See Notes
- 01/04/2002
DISP App 2.2.18
See Notes
Table of examples of typical redress calculations
Example 1 | Capital shortfall and higher endowment outgoings |
Example 2 | Capital shortfall partially offset by lower endowment mortgage outgoings |
Example 3 | Capital shortfall more than offset by lower endowment mortgage outgoings |
Example 4 | Capital surplus more than offset by higher endowment mortgage outgoings |
Example 5 | Capital surplus partially offset by higher endowment mortgage outgoings |
Example 6 | Capital surplus and lower endowment mortgage outgoings |
Example 7 | Low start endowment mortgage |
- 01/04/2002
DISP App 2.2.19
See Notes
Example 1
Example 1 | |
Capital shortfall and higher endowment mortgage outgoings | |
Background | |
Capital sum of £50,000 | |
25 year endowment policy | |
Duration to date: 5 years | |
Endowment premium per month: £75 | |
Established facts | |
Endowment surrender value: | £3,200 |
Capital repaid under equivalent repayment mortgage: | £4,200 |
Surrender value less capital repaid: | (£1,000) |
Cost of converting from endowment mortgage to repayment mortgage: | (£200) |
Total outgoings to date | |
Equivalent repayment mortgage (capital + interest + DTA life cover): | £21,950 |
Endowment mortgage (endowment premium + interest): | £22,250 |
Difference in outgoings (repayment - endowment): | (£300) |
Basis of compensation | |
In this example, the complainant has suffered loss because the surrender value of the endowment is less than the capital repaid and also because of the higher total outgoings to date of the endowment mortgage relative to the repayment mortgage. The two losses and the conversion cost are therefore added together in order to calculate the redress. | |
Redress | |
Loss from surrender value less capital repaid: | (£1,000) |
Loss from total extra outgoings under endowment mortgage: | (£300) |
Cost of converting to repayment mortgage: | (£200) |
Total loss: | (£1,500) |
Therefore total redress is: | £1,500 |
- 01/04/2002
DISP App 2.2.20
See Notes
Example 2
Example 2 | |
Capital shortfall partially offset by lower endowment mortgage outgoings | |
Background | |
Capital sum of £50,000 | |
25 year endowment policy | |
Duration to date: 5 years | |
Endowment premium per month: £60 | |
Established facts | |
Endowment surrender value: | £2,500 |
Capital repaid under equivalent repayment mortgage | £4,200 |
Surrender value less capital repaid under equivalent repayment mortgage: | (£1,700) |
Cost of converting from endowment mortgage to repayment mortgage | (£300) |
Total outgoings to date: | |
Repayment mortgage (capital + interest + DTA life cover): | £21,950 |
Endowment mortgage (endowment premium + interest): | £21,350 |
Difference in outgoings (repayment - endowment): | £600 |
Basis of Compensation | |
In this example, the complainant has suffered loss because the surrender value of the endowment is less than the capital repaid but has gained form the lower outgoings of the endowment mortgage to date. In calculating the redress the gain may be offset against the loss unless the complainant's particular circumstances are such that it would be unreasonable to take account of the gain. | |
Redress if it is not unreasonable to take account of the whole of the gain from lower outgoings | |
Loss from surrender value less capital repaid: | (£1,700) |
Gain from total lower outgoings under endowment mortgage: | £600 |
Cost of converting to repayment mortgage: | (£300) |
Net loss: | (£1,400) |
Therefore total redress is: | £1,400 |
Redress if it is unreasonable to take account of gain from lower outgoings | |
Loss from surrender value less capital repaid: | (£1,700) |
Gain from total lower outgoings under endowment mortgage: | Ignored* |
Cost of converting to repayment mortgage: | (£300) |
Net loss taken into account: | (£2,000) |
Therefore total redress is: | £2,000 |
* In this example, and also in Examples 3, 7, 8 and 9, the complainant's circumstances are assumed to be such as to make it unreasonable to take account of any of the gain from lower outgoings. |
- 01/04/2002
DISP App 2.2.21
See Notes
Example 3
Example 3 | ||
Capital shortfall more than offset by lower endowment mortgage outgoings | ||
Background | ||
Capital sum of £50,000 | ||
25 year endowment policy | ||
Duration to date: 8 years | ||
Endowment premium per month: £65 | ||
Established facts | ||
Endowment surrender value: | £7,300 | |
Capital repaid under equivalent repayment mortgage: | £7,600 | |
Surrender value less capital repaid: | (£300) | |
Cost of converting from endowment mortgage to repayment mortgage: | (£200) | |
Total outgoings to date | ||
Repayment mortgage (capital + interest + DTA life cover): | £34,510 | |
Endowment mortgage (endowment premium + interest): | £33,990 | |
Difference in outgoings (repayment - endowment): | £520 | |
Basis of Compensation | ||
In this example, the complainant has suffered loss because the surrender value of the endowment is less than the capital repaid but has gained from the lower total outgoings of the endowment mortgage. In calculating redress the gain may be offset against the loss unless the complainant's particular circumstances are such that it would be unreasonable to take account of the gain. | ||
Redress if it is not unreasonable to take account of the whole of the gain from lower outgoings | ||
Loss from surrender value less capital repaid: | (£300) | |
Gain from total lower outgoings under endowment mortgage: | £520 | |
Cost of converting to repayment mortgage: | (£200) | |
Net gain: | £20 | |
Therefore, there has been no loss and no redress is payable. | ||
Redress if it is unreasonable to take account of gain from lower outgoings | ||
Loss from surrender value less capital repaid: | (£300) | |
Gain from total lower outgoings under endowment mortgage: | Ignored | |
Cost of converting to repayment mortgage: | (£200) | |
Net loss taken into account: | (£500) | |
Therefore total redress is: | £500 |
- 01/04/2002
DISP App 2.2.22
See Notes
Example 4
Example 4 | |
Capital surplus more than offset by higher endowment mortgage outgoings | |
Background | |
Capital sum of £50,000 | |
25 year endowment policy | |
Duration to date: 8 years | |
Endowment premium per month: £75 | |
Established facts | |
Endowment surrender value: | £7,800 |
Capital repaid under equivalent repayment mortgage: | £7,600 |
Surrender value less capital repaid: | £200 |
Cost of converting from endowment mortgage to repayment mortgage: | (£250) |
Total outgoings to date | |
Repayment mortgage (capital + interest + DTA life cover): | £34,510 |
Endowment mortgage (endowment premium + interest): | £34,950 |
Difference in outgoings (repayment - endowment): | (£440) |
Basis of compensation | |
In this example, the complainant has suffered loss because of the higher total outgoings to date of the endowment mortgage but has gained because the surrender value of the endowment is greater than the capital repaid. Since the sum of the loss and the conversion cost is greater than the gain, the redress is calculated as the difference between the two. | |
Redress | |
Gain from surrender value less capital repaid: | £200 |
Loss from total extra outgoings under endowment mortgage: | (£440) |
Cost of converting to repayment mortgage: | (£250) |
Net loss: | (£490) |
Therefore total redress is: | £490 |
- 01/04/2002
DISP App 2.2.23
See Notes
Example 5
Example 5 | |
Capital surplus partially offset by higher endowment mortgage outgoings | |
Background | |
Capital sum of £50,000 | |
25 year endowment policy | |
Duration to date: 10 years | |
Endowment premium per month: £75 | |
Established facts | |
Endowment surrender value: | £11,800 |
Capital repaid under equivalent repayment mortgage: | £9,700 |
Surrender value less capital repaid: | £2,100 |
Cost of converting from endowment mortgage to repayment mortgage: | (£300) |
Total outgoings to date | |
Repayment mortgage (capital + interest + DTA life cover): | £46,800 |
Endowment mortgage (endowment premium + interest): | £47,500 |
Difference in outgoings (repayment - endowment): | (£700) |
Basis of compensation | |
In this example, the complainant has suffered loss because of the higher total outgoings to date of the endowment mortgage relative to the repayment mortgage. However the sum of this and the conversion cost is less than the complainant's gain from the difference between the surrender value of the endowment and the capital repaid. Thus no redress is payable. | |
Redress | |
Gain from surrender value less capital repaid: | £2,100 |
Loss from total extra outgoings under endowment mortgage: | (£700) |
Cost of converting to repayment mortgage: | (£300) |
Net gain: | £1,100 |
Therefore there has been no loss and no redress is payable. |
- 01/04/2002
DISP App 2.2.24
See Notes
Example 6
Example 6 | |
Capital surplus and lower endowment mortgage outgoings | |
Background | |
Capital sum of £50,000 | |
25 year endowment policy | |
Duration to date: 10 years | |
Endowment premium per month: £65 | |
Established facts | |
Endowment surrender value: | £10,100 |
Capital repaid under equivalent repayment mortgage: | £9,700 |
Surrender value less capital repaid: | £400 |
Cost of converting from endowment mortgage to repayment mortgage: | (£200) |
Total outgoings to date | |
Repayment mortgage (capital + interest + DTA life cover): | £46,800 |
Endowment mortgage (endowment premium + interest): | £46,300 |
Difference in outgoings (repayment - endowment): | £500 |
Basis of compensation | |
In this example, the complainant has gained both because the surrender value of the endowment is greater than the capital repaid and because of the lower total outgoings of the endowment mortgage. These gains are larger than the cost of converting to a repayment mortgage. Thus no further action is necessary. | |
Redress | |
As there has been no loss, no redress is payable. |
- 01/04/2002
DISP App 2.2.25
See Notes
Example 7
Example 7 | |
Low start endowment mortgage | |
Background | |
Capital sum of £50,000 | |
25 year endowment policy | |
Duration to date: 10 years | |
Endowment premium per month: starting at £35 in first year, increasing by 20% simple on each policy anniversary, reaching £70 after five years and then remaining at that level. | |
Established facts: | |
Endowment surrender value: | £8,200 |
Capital repaid under equivalent repayment mortgage:: | £9,700 |
Surrender value less capital repaid: | (£1,500) |
Cost of converting from endowment mortgage to repayment mortgage: | (£250) |
Total outgoings to date | |
Repayment mortgage (capital + interest + DTA life cover): | £46,800 |
Endowment mortgage (endowment premium + interest): | £45,640 |
Difference in outgoings (repayment minus endowment): | £1,160 |
Of this difference in outgoings, £800 arose in the five year period when the complainant was paying a low endowment premium. | |
Basis of compensation | |
In this example, the complainant has suffered loss because the surrender value of the endowment is less than the capital repaid but has gained from the lower total outgoings of the endowment mortgage. As in Example 3, in calculating redress the whole of the gain should be offset against the loss unless the complainant's particular circumstances are such that it would be unreasonable to do so. However, unlike Example 3, in a low start endowment mortgage the complainant may have chosen to pay a lower than usual premium in the early years (this would need to be established on the facts of the case). Where it has been established that the complainant chose to make lower payments, even if it is unreasonable to take account of the whole of the gain from total outgoings, the gain from paying a lower premium during the low start period is normally taken into account. In such cases the redress is calculated as the capital loss plus the conversion cost minus the total amount by which repayment mortgage outgoings would have exceeded the actual low start endowment mortgage outgoings during the five year low start period. | |
Redress if it is not unreasonable to take account of the whole of the gain from lower outgoings | |
Loss from surrender value less capital repaid: | (£1,500) |
Gain from total lower outgoings under endowment mortgage: | £1,160 |
Cost of converting to repayment mortgage: | (£250) |
Net loss: | (£590) |
Therefore total redress is: | £590 |
Redress if it is unreasonable to take account of gain from lower outgoings | |
Loss from surrender value less capital repaid: | (£1,500) |
Gain from total lower outgoings during low start period of endowment mortgage: | £800 |
Cost of converting to repayment mortgage: | (£250) |
Net loss taken into account: | (£950) |
Therefore total redress is: | £950 |
- 01/04/2002
Interest rates
DISP App 2.2.26
See Notes
- 01/04/2002
Life cover
DISP App 2.2.27
See Notes
- 01/04/2002
DISP App 2.2.28
See Notes
- 01/04/2002
DISP App 2.3
Remortgaging
- 01/12/2004
DISP App 2.3.1
See Notes
- 01/04/2002
DISP App 2.3.2
See Notes
- 01/04/2002
DISP App 2.3.3
See Notes
- 01/04/2002
DISP App 2.3.4
See Notes
- 01/04/2002
DISP App 2.3.5
See Notes
- 01/04/2002
DISP App 2.3.6
See Notes
- 01/04/2002
DISP App 2.3.7
See Notes
- 01/04/2002
DISP App 2.3.8
See Notes
- 01/04/2002
DISP App 2.3.9
See Notes
- 01/04/2002
DISP App 2.3.10
See Notes
- 01/04/2002
DISP App 2.3.11
See Notes
Example of assessment set out at 2.3.10
The following example illustrates the position: | |||
Surrender value | £10,000 | TEP value | £16,000 |
Loss calculated by standard approach | £5,000 | ||
Remortgaging costs | £300 | ||
Total | £15,300 | ||
Complainant receives £16,000 all ultimately funded from the TEP sale. | |||
Surrender value | £10,000 | TEP value | £13,000 |
Redress calculated by standard approach | £5,000 | ||
Remortgaging costs | £300 | ||
Total | £15,300 | ||
Complainant receives £15,300, £13,000 ultimately funded from the TEP sale and £2,300 ultimately funded from the firm. |
- 01/04/2002
DISP App 2.4
Policy reconstruction
- 01/12/2004
DISP App 2.4.1
See Notes
- 01/04/2002
DISP App 2.4.2
See Notes
- 01/04/2002
Case 1
DISP App 2.4.3
See Notes
- 01/04/2002
DISP App 2.4.4
See Notes
- 01/04/2002
DISP App 2.4.5
See Notes
- 01/04/2002
DISP App 2.4.6
See Notes
- 01/04/2002
DISP App 2.4.7
See Notes
- 01/04/2002
DISP App 2.4.8
See Notes
- 01/04/2002
DISP App 2.4.9
See Notes
- 01/04/2002
Case 2
DISP App 2.4.10
See Notes
- 01/04/2002
Mismatched loans and policy terms
DISP App 2.4.11
See Notes
- 01/04/2002
DISP App 2.4.12
See Notes
- 01/04/2002
Examples
DISP App 2.4.13
See Notes
- 01/04/2002
DISP App 2.4.14
See Notes
Example 8
Example 8 | |
Term extends beyond retirement age and policy reconstruction | |
Background | |
45 year old male non-smoker, having taken out a £50,000 loan in 1998 for a term of 25 years. Unsuitable sale identified on the grounds of affordability and complaint raised on 12thpolicy anniversary. | |
It has always been the intention of the complainant to retire at State retirement age 65. | |
Term from date of sale to retirement is 20 years and the maturity date of the mortgage is 5 years after retirement. | |
Established facts | |
Established premium paid by investor on policy of original term (25 years): | £81.20 |
Premium that would have been payable on policy with term from sale to retirement (20 years): | £111.20 |
Actual policy value at time complaint assessed: | £12,500 |
Value of an equivalent 20-year policy at time complaint assessed: | £21,300 |
Difference in policy values at time complaint assessed: | £8,800 |
Difference in outgoings (20 year policy - 25 year policy): | £4,320 |
Basis of compensation | |
The policy is reconstructed as if it had been set up originally on a term to mature at retirement age, in this example, a term of 20 years. The difference in the current value of the policy actually sold to the complainant and the current value of the reconstructed policy, as if the premium on the reconstructed policy had been paid from outset, is calculated. The complainant has gained from lower outgoings (lower premiums) of the actual endowment policy to date. In calculating the redress, the gain may be offset against the loss unless the complainant's particular circumstances are such that it would be unreasonable to take account of the gain. | |
Redress generally if it is not unreasonable to take account of the whole of the gain from lower outgoings | |
Loss from current value of reconstructed policy less current value of actual policy: | (£8,800) |
Gain from total lower outgoings under actual policy: | £4,320 |
Net loss: | (£4,480) |
Therefore total redress is: | £4,480 |
Redress if it is unreasonable to take account of gain from lower outgoings | |
Loss from current value of reconstructed policy less current value of actual policy: | (£8,800) |
Gain from total lower outgoings under actual policy: | Ignored |
Therefore total redress is: | £8,800 |
Additional Information | |
If the policy is capable of reconstruction, the complainant must now fund the higher premiums himself for the remainder of the term of the shortened policy until maturity. In this example the higher premium could be £111.20. However the firm should provide the complainant with a reprojection letter based on the reconstructed policy such that the actual monthly payment required to achieve the target sum could be even higher, say £130. The reprojection letter should set out the range of options facing the complainant to deal with the projected shortfall, if any. |
- 01/04/2002
DISP App 2.4.15
See Notes
Example 9
Example 9 | |
Term extends beyond retirement age: example of failure to explain investment risks | |
Background | |
45 year old male non-smoker, having taken out a £50,000 loan in 1998 for a term of 25 years. Unsuitable sale identified on the grounds of affordability and complaint raised on 12th anniversary. | |
It has always been the intention of the complainant to retire at state retirement age 65. | |
Term from date of sale to retirement is 20 years and the maturity date of the mortgage is five years after retirement. | |
In addition, an endowment does not meet the complainant's attitude to investment risk and a repayment mortgage would have been taken out if properly advised. | |
Established facts | |
Surrender value (on the 25 year policy) at time complaint assessed: | £12,500 |
Capital repaid under repayment mortgage of term to retirement date (20 years): | £21,000 |
Surrender value less capital repaid: | (£8,500) |
Difference in outgoings (repayment - endowment): | £5,400 |
Cost of converting from endowment mortgage to repayment mortgage: | £200 |
Basis of compensation: | |
The surrender value of the (25 year term) endowment policy is compared to the capital that would have been repaid to date under a repayment mortgage arranged to repay the loan at retirement age, in this example, a repayment mortgage for a term of 20 years. The complainant has gained from lower outgoings of the endowment mortgage to date. In calculating the redress, the gain may be offset against the loss unless the complainant's particular circumstances are such that it would be unreasonable to take account of the gain. The conversion costs are also taken into account in calculating the redress. | |
Redress generally | |
Loss from surrender value less capital repaid: | (£8,500) |
Gain from total lower outgoings under endowment mortgage: | £5,400 |
Cost of converting to a repayment mortgage: | (£200) |
Net loss: | (£3,300) |
Therefore total redress is: | £3,300 |
Redress if it is unreasonable to take account of gain from lower outgoings | |
Loss from surrender value less capital repaid: | (£8,500) |
Gain from total lower outgoings under endowment mortgage: | Ignored |
Cost of converting to a repayment mortgage: | (£8,700) |
Therefore total redress is: | £8,700 |
- 01/04/2002
DISP App 2.5
Additional considerations
- 01/12/2004
Introduction
DISP App 2.5.1
See Notes
- 01/04/2002
Continuing life cover and other policy benefits
DISP App 2.5.2
See Notes
- 01/04/2002
DISP App 2.5.3
See Notes
- 01/04/2002
DISP App 2.5.4
See Notes
- 01/04/2002
DISP App 2.5.5
See Notes
- 01/04/2002
DISP App 2.5.6
See Notes
- 01/04/2002
DISP App 2.5.7
See Notes
- 01/04/2002
Taxation
DISP App 2.5.8
See Notes
- 01/04/2002
"Underpinning"
DISP App 2.5.10
See Notes
Reference to the guidance in firms' complaints settlement letters
DISP App 2.5.11
See Notes
- 01/04/2002
DISP App 2.5.12
See Notes
- 01/04/2002
Identification of windfall benefits
DISP App 2.5.13
See Notes
- 01/04/2002
DISP App 2.5.14
See Notes
- 01/04/2002
DISP App 2.5.15
See Notes
- 01/04/2002
DISP App 2.5.16
See Notes
- 01/04/2002
DISP App 2.5.17
See Notes
- 01/04/2002
DISP App 2.5.18
See Notes
- 01/04/2002
DISP App 2.5.19
See Notes
- 01/04/2002
DISP App 2.5.20
See Notes
- 01/04/2002
DISP App 2.5.21
See Notes
- 01/04/2002
DISP App 2.6
Valuing Relevant Benefits
- 01/12/2004
DISP App 2.6.1
See Notes
- 01/04/2002
DISP App 2.6.2
See Notes
- 01/04/2002
DISP App 2.6.3
See Notes
DISP App 2.6.4
See Notes
- 01/04/2002
DISP App 2.6.5
See Notes
- 01/04/2002
DISP App 2.6.6
See Notes
- 01/04/2002
DISP App 2.6.7
See Notes
Implementation
DISP App 2.6.8
See Notes
- 01/04/2002
DISP App 2.6.9
See Notes
- 01/04/2002
DISP App 2.6.10
See Notes
- 01/04/2002
DISP App 2.6.11
See Notes
- 01/04/2002
DISP App 2.6.12
See Notes
- 01/04/2002
DISP App 2.6.13
See Notes
- 01/04/2002
DISP App 2.6.14
See Notes
- 01/04/2002
DISP App 2.6.15
See Notes
Transitional Provisions and Schedules
DISP TP 1
Transitional provisions
Transitional Provisions table
(1) | (2) Material provision to which transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force | ||||
1 | DISP 1.2.15 G | R | Expired | ||||||
1A | DISP 1 | R | A complaint received by a respondent on or before 31 October 2007 should be handled, resolved, recorded and reported in accordance with the requirements of DISP as they stood at the date the complaint was received. | From 1 November 2007 | 1 November 2007 | ||||
1B | DISP 2.4.3 | R | In relation to a complaint concerning an act or omission before 1 November 2007, in DISP 2.4.3 R (1)(a) substitute "an intermediate customer or market counterparty" for "(a) a professional client or (b) eligible counterparty". | From 1 November 2007 | 1 November 2007 | ||||
2 | DISP 1.5.4 R - DISP 1.5.7 R | R | Expired | ||||||
3 | DISP 1.5.4 R - DISP 1.5.7 R | G | Expired | ||||||
4 | DISP App 1 | R | Firms are subject to DISP App 1in relation to relevant existing complaints. | From commencement | Commencement | ||||
5 | DISP App 1 | G | The Ombudsman Transitional Order makes special provision for the handling by FOS Ltd of "relevant existing complaints" (that is, complaints which the former schemes have partly completed at commencement). The arrangements for handling these complaints are set out in DISP App 1. (The handling of complaints which firms have partly completed at commencement is described at DISP 1.4.6 R.) | From commencement | Commencement | ||||
6 | DISP 2 DISP 3 FEES 5 and DISP App 1 | R | In DISP 2 DISP 3 FEES 5 and DISP App 1references to a "firm" or "firms" include unauthorised persons subject to the Compulsory Jurisdiction in relation to relevant complaints in accordance with the Ombudsman Transitional Order. | From commencement | Commencement | ||||
7 | DISP 2 DISP 3 FEES 5 and DISP App 1 | G | Under the Ombudsman Transitional Order, a relevant complaint is subject to the Compulsory Jurisdiction whether or not it is about a firm or an unauthorised person. Unauthorised persons are not subject to DISP 1, but references to "firm" in DISP 2 DISP 3 , FEES 5 and DISP App 1 include unauthorised persons subject to the Compulsory Jurisdiction in relation to relevant complaints, where applicable. | From commencement | Commencement | ||||
7A | DISP 2.3.6 R | R | Nothing in DISP 2.3.6 R affects the position of a complaint which, on 31 May 2004, could not have been considered by the Ombudsman under DISP 2.3.1 R (1)(c); or DISP 2.3.6 R (1)(b) as it then stood. | From 1 June 2004 | Amended with effect from 1 June 2004 | ||||
7B | DISP 2.3.6 R | R | In the case of a complainant falling within DISP 2.3.6 R as amended by this instrument, (and whose time for referring a complaint under the rules as they stood before amendment has not expired), time will expire in accordance with the amended rule save that if the final date would otherwise be before 30 November 2004 an explanation of the final date will be in conformity with DISP 2.3.6 R(2) , provided it stipulates a final date which is not less than two months from the date on which the explanation is likely to be received by the complainant. | From 1 June 2004 | Amended with effect from 1 June 2004 | ||||
8 | DISP 1 DISP 2 DISP 3 DISP 4 FEES 5 and DISP App 1 | R | In relation to relevant complaints, references in DISP 1, DISP 2, DISP 3, DISP 4, FEES 5 and DISP App 1 to an " eligible complainant " include a person who is to be treated as an eligible complainant in accordance with the Ombudsman Transitional Order and references to a complaint shall be construed accordingly. | From commencement | Commencement | ||||
9 | DISP 5.5.1 R | R | Expired | ||||||
10 | DISP 1.10.1 R and DISP 1.10.2 R | R | DISP 1.10.1 R and DISP 1.10.2 R do not apply to a firm with permission to carry on only insurance mediation activity, mortgage mediation activity, or both. | (1) In respect of mortgage mediation activities, 31.10.04 - 31.3.05; (2) in respect of insurance mediation activities, 14.1.05 - 31.3.05. | |||||
11 | DISP 1.10.1 R and DISP 1.10.2 R | R | Where a firm is required under DISP 1.10.1 R and DISP 1.10.2 R to submit information using a report in the format set out in DISP 1 Ann 1R on a half-yearly basis, this must be read as a reference to providing the first and second report in accordance with transitional provision 12R. | From 01.4.05, expiring on 31.3.06 | 1 April 2005 | ||||
12 | DISP 1.5.4 R DISP 1.10.1 R and DISP 1.10.2 R | R | If transitional provision 11R applies, the firm's first and second report must be provided as follows: | ||||||
Accounting reference date | Reporting period starts | Reporting period ends | Report to be provided | ||||||
Between 1 January 2005 and 31 March 2005 | 1st report: 1 April 2005 | 6 months after the accounting reference date within 2005 | 30 business days after period end | ||||||
2nd report: the day after the end of the 1st reporting period | the accounting reference date within 2006 | ||||||||
Between 1 April 2005 and 30 June 2005 | 1st report: 1 April 2005 | 6 months after the accounting reference date within 2005 | 30 business days after period end | ||||||
2nd report: the day after the end of the 1st reporting period | the accounting reference date within 2006 | ||||||||
Between 1 July 2005 and 30 September 2005 | 1st report: 1 April 2005 | the accounting reference date within 2005 | 30 business days after period end | ||||||
2nd report: the day following the accounting reference date within 2005 | 6 months after the accounting reference date within 2005 | ||||||||
Between 1 October 2005 and 31 December 2005 | 1st report: 1 April 2005 | the accounting reference date within 2005 | 30 business days after period end | ||||||
2nd report: the day following the accounting reference date within 2005 | 6 months after the accounting reference date within 2005 | ||||||||
13 | DISP 1 | R | Where, at the relevant commencement date, a firm is still dealing with a complaint that is capable of being referred to the Financial Ombudsman Service as a relevant transitional complaint: | 31 October 2004 (for a complaint to which the MCAS Scheme applied immediately before that date) | 31 October 2004 | ||||
(1) | it may continue to try to resolve the complaint in accordance with the complaints procedures that applied previously; but | 14 January 2005 (for a complaint to which the GISC Facility applied immediately before that date) | |||||||
(2) | it must, within eight weeks of the relevant commencement date, send the complainant a response which satisfies DISP 1.6.3R, unless DISP 1.5 or DISP 1.6.4R or 1.6.5R applies. | ||||||||
14 | G | DISP TP 13R recognises that where a firm has already received, but only partly completed the handling of, a complaint which is capable of becoming a relevant transitional complaint, it may not always be practicable to handle the complaint in accordance with DISP 1 after the relevant commencement date. | |||||||
15 | FEES 5.4.1 R | R | A firm which falls within industry block 16 or 17 needs to provide a statement to the FSA by the end of February 2005 only if it is providing the FSA with a statement of the total amount of relevant business. | 31 October 2004 to 28 February 2005 for firms falling in industry block 16 14 January 2005 to 28 February 2005 for firms falling in industry block 17 | 31 October 2004 | ||||
16 | FEES 5.4.1 R | G | In respect of the year 2005/06, the FSA will already have a statement of the total amount of the firm's annual income as part of the firm's application for a Part IV permission or to vary a Part IV permission. There is thus no need for a firm to repeat this information if it decides not to report annual income for relevant business in accordance with DISP TP 15R. | 31 October 2004 to 28 February 2005 for firms falling in industry block 16 14 January 2005 to 28 February 2005 for firms falling in industry block 17 | 31 October 2004 | ||||
17 | DISP 1.3.12R - DISP 1.3.17R | R | A firm must apply DISP as it applied before amendment by the Depolarisation Instrument to complaints received before 14 January 2005. | From 14 January 2005. | 14 January 2005 | ||||
18 | DISP 1.10.1 R and DISP 1.10.2 R, DISP 1.10.4 R and DISP 1 Annex 1 | R | (1) | Solely in respect of information regarding any reversion activity or home purchase activity required to be reported in DISP 1.10.1 R and DISP 1.10.2 R, a firm is not required to include such information in respect of relevant reporting periods (as set out in DISP 1.10.4 R ) ending before 1 October 2007; | 1 April 2007 to 31 December 2008 | Commencement | |||
(2) | For the purpose of reporting complaints under generic product types in DISP 1 Annex 1; | ||||||||
(i) | complaints relating to home reversion plans must be reported under the heading of "Lifetime Mortgage"; and | ||||||||
(ii) | complaints relating to home purchase plans must be recorded under the heading of "Other Regulated Mortgage". |
Table Fee tariffs for industry blocks
Industry Block | Tariff Base |
1-Deposit acceptors | Number of accounts relevant to the activities in DISP 2.6.1 R |
2-Firms that undertake insurance activities, subject to prudential regulation only (excluding firms in blocks 13 & 15) | Relevant annual gross premium income |
3-Society of Lloyd's | Flat fee |
4-Firms that undertake insurance activities, subject to both prudential and conduct of business regulation (long term life insurers) (excluding firms in block 15) | Relevant adjusted annual gross premium income |
5-Fund managers (including those holding client money/assets and not holding client money/assets) | Relevant funds under management |
6-Operators, Trustees and Depositaries of collective investment schemes | Flat fee |
7-Firms dealing as principal | Number of relevant traders |
8-Advisory arrangers, dealers or brokers (holding or controlling client money and/or assets) | Number of relevant approved persons (controlled functions 21, 22, 24, 25, 26) |
9-Advisory arrangers, dealers or brokers (not holding or controlling client money and/or assets) | Number of relevant approved persons (controlled functions 21, 22, 24, 25, 26) |
10-Corporate finance advisers | Number of relevant approved persons (controlled function 23) |
11-Execution-only arrangers, dealers or brokers | Flat fee |
12-Advisory only firms | Number of relevant approved persons (controlled functions 21, 22, 24, 25) |
13-Cash plan health providers | Flat fee |
15-Friendly Societies whose tax-exempt business represents 95% or more of their total relevant business | Flat fee |
The industry blocks in Table 2 are the same as the equivalent activity group set out in part 7 of FEES 4 Annex 1 . |
Where the tariff base in the table is defined in similar terms as the tariff base for the equivalent activity group set out in part 7 of FEES 4 Annex 1 , it must be calculated in the same way as that tariff base except that it takes into account only the firm's relevant business. |
DISP Sch 1
Record keeping requirements
- 01/12/2004
DISP Sch 1.1
See Notes
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/12/2004
DISP Sch 1.2
See Notes
Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
DISP 1.9.1 R | Complaints subject to DISP 1.3 - DISP 1.8 (other than DISP 1.5). | Each complaint received and the measures taken for its resolution | On receipt | 5 years for complaints relating to MiFID business and 3 years for all other complaints |
DISP Sch 2
Notification requirements
- 01/12/2004
DISP Sch 2.1
See Notes
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant requirements for notification and reporting. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/04/2002
DISP Sch 2.1
See Notes
Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
DISP 1.1.12 R | Firm qualifies for exemption | Confirmation that a firm does not do business with eligible complainants and has no reasonable likelihood of doing so | Conditions in DISP 1.1.12 R apply | N/A |
DISP 1.10.1 R | Complaints report | Details | - 6 months preceding the accounting reference date - accounting reference date | 30 business days |
DISP 1.10.8 G | Single contact point | Details | At the time of authorisation or on subsequent change | Not specified |
DISP 1.11.5 R (1) | Member of Lloyd's qualifies for exemption | Confirmation by the Society of Lloyd's that a specified member of Lloyd's does not do business with eligible complainants and has no reasonable likelihood of doing so | [As above] | N/A |
DISP 1.11.5 R (2) | End of exemption for member of Lloyd's | Confirmation by the Society of Lloyd's that the condition in DISP 1.1.7 no longer apply to a specified member of Lloyd's | Conditions in DISP 1.1.7 no longer apply | Not specified |
DISP 1.11.6 R | Complaints report by Society of Lloyd's | Details | - 30 September - 31 March each year | One month |
FEES 5.4.1 R | Relevant business conducted | The total amount of relevant business (measured in accordance with the appropriate tariff base(s)) which the firm conducted as at or in the year to 31 December as appropriate, in relation to the tariff base for each of the relevant industry blocks set out in FEES 5 Annex 1 R | N/A | By the end of February each year |
DISP Sch 3
Fees and other required payment
- 01/12/2004
DISP Sch 3.1
See Notes
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant requirements for fees and other required payments. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
DISP Sch 3.2
See Notes
Type of fee | Trigger event | Date/Time for payment | Amount/rate | Handbook reference |
General levy | Annual invoice from FOS Ltd | (1) On or before
the later of 1 April and 30 calendar days after
the date when the invoice is issued by FOS
Ltd; or (2) for amounts exceeding the minimum levy, quarterly, at the beginning of each quarter, by direct debit. | Amount of relevant business according to applicable tariff base; or minimum levy. |
FEES
5.3
FEES 5.7 Part 2 of FEES 5 Annex 1 R |
Supplementary levy | Annual invoice from FOS Ltd | (1) On or before
the later of 1 April and 30 calendar days after
the date when the invoice is issued by FOS
Ltd; or (2) for amounts exceeding the minimum levy, quarterly, at the beginning of each quarter, by direct debit. | Amount of relevant business according to applicable tariff base; or minimum levy. |
FEES
5.6
FEES 5.7 Part 2 of FEES 5 Annex 1 R |
Case fees | Monthly invoice from FOS Ltd | Within 30 calendar days of date when the invoice is issued by FOS Ltd | Standard case fee (£360) or special case fee (£720), as applicable |
FEES
5.5
FEES 5.7 Part 3 of FEES 5 Annex 1 R |
DISP Sch 4
Powers Exercised
- 01/12/2004
DISP Sch 4.1
See Notes
1 | The following powers and related provisions in the Act, in the Mortgages and General Insurance Complaints Transitional Order and in the Ombudsman Transitional Order have been exercised by the FSA to make the rules in DISP: | |
(1) | Section 138 (General rule-making power) | |
(2) | Section 156 (General supplementary powers | |
(3) | Section 226 (Compulsory Jurisdiction) | |
(4) | Section 229 (Awards) | |
(4A) | Section 234 (Funding) | |
(4B) | Section 316(1) (Direction by Authority) | |
(5) | Schedule 17 paragraph 13 (FSA's procedural rules) | |
(6) | Article 15 (Record-keeping and reporting requirements relating to relevant complaints) of the Ombudsman Transitional Order. | |
(7) | Section 226A(7) (Consumer Credit Jurisdiction) | |
(8) | Section 229 (Awards) | |
(8A) | Schedule 17 paragraph 13(4) | |
(9) | Schedule 17 paragraph 16B,D | |
(10) | Article 9 (Record-keeping and reporting requirements relating to relevant transitional complaints) of the Mortgages and General Insurance Complaints Transitional Order | |
2 | The following power in the Act has been exercised by the FSA to give the guidance in DISP: | |
(1) | Section 157(1) (Guidance) | |
3 | The following powers and related provisions in the Act have been exercised by the FOS Ltd to make the rules in DISP: | |
(1) | Section 227 (Voluntary Jurisdiction) | |
(1A) | Section 226A (Consumer Credit Jurisdiction) | |
(2) | Section 230 (Costs) | |
(3) | Schedule 17 paragraph 8 (Guidance) | |
(4) | Schedule 17 paragraph 14 (The scheme's rules) | |
(5) | Schedule 17 paragraph 15 (Fees) | |
(5A) | Schedule 17 paragraph 16B (Consumer Credit Jurisdiction) | |
(6) | Schedule 17 paragraph 18 (Terms of reference to the scheme) |
DISP Sch 4.2
See Notes
Table: The powers to make rules relating to the new ombudsman scheme are shared between the FSA and the Financial Ombudsman Service (FOS Ltd). FOS Ltd's rules are subject to FSA consent or approval. The rules made exclusively by FOS Ltd are: | |
DISP 2 | 2.6.9 R |
2.6.11 R | |
2.6.8A R - 2.6.8B R | |
DISP 3 | 3.2.5R |
3.2.7R | |
3.2.8R | |
3.2.9R | |
3.2.11R | |
3.2.12R | |
3.2.13R | |
3.3.1R | |
3.4.1R | |
3.5.1R | |
3.5.2R | |
3.6.1R | |
3.6.2R | |
3.6.3R | |
3.7.1R | |
3.8.1R(2) | |
3.8.3R | |
3.9.10R | |
3.9.12R | |
3.9.15R | |
3.10.1R | |
DISP 4 | All rules |
FEES 5 | 5.1.6R |
(all rules) 5.5 | |
5.7.2R | |
5.7.3R | |
5.9.1R | |
FEES 5 | part 3 |
part 4 |
DISP Sch 5
Actions for damages for contravention under section 150 of the Act
- 01/12/2004
DISP Sch 5.1
See Notes
1 | The table below sets out the rules in DISP contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
2 | If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001 No 2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
3 | The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given. |
- 01/12/2004
DISP Sch 5.2
See Notes
Right of Action under s150 | |||||
Chapter/Appendix | Section/Annex | Paragraph | For private person? | Removed? | For other person? |
1 Complaints handling arrangements for firms | All rules apart from DISP 1.11.13 R and DISP 1.11.14 R | - | Yes | - | - |
1 | 7 | 14 and 15 | No | Yes - DISP 1.11.21 R | No |
2 Jurisdiction rules | - | - | Yes | - | - |
3 Complaints handling procedures of the Financial Ombudsman Service | - | - | Yes | - | - |
4 The standard terms | - | - | N/A | - | - |
5 Funding | - | - | Yes | - | - |
DISP Sch 6
Rules that can be waived
- 01/12/2004
DISP Sch 6.1
See Notes
No rules in DISP may be waived, other than DISP 1.10.1 R, and DISP 1.6 to DISP 1.8. |