Podcast Location:
Download it here [file size: 33.6 MB]
Categories:
Banking and Financial Services
Consumer Law
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast is aimed at practitioners interested in consumer law and the provision of financial services. It reviews the role of the Financial Services Authority and the Financial Ombudsman Services in embedding the principles of fairness and reasonableness in the way financial institutions deal with their customers. It critiques examples of failure and considers the role of the courts in the regulation and enforcement of fairness.

Outcomes:
After completing the course you will:
  • Understand what it means to ‘treat customers fairly’;
  • Be aware of the difficulties in measuring and demonstrating fairness;
  • Know the extent to which ‘treating customers fairly’ has teeth;
  • Understand the role of the FSA and FOS to regulate fairness and reasonableness in the provision of financial services to consumers;
  • Know about some of the identified failings of the financial services sector in terms of fairness and reasonableness;
  • Understand the interface between the courts and the FOS;
  • Be aware of the way FOS makes decisions and the scope to challenge those decisions;
  • Understand the role of claims management companies in the way fairness disputes are resolved.
Level:
Complex Difficulty: 4 of 5
Classification:
Case Update
Legal Principles
Market Update / Hot Topic
Sources and References:
  • FSA’s Principles for Businesses;
  • Financial Services and Markets Act 2000 s.228;
  • R (British Bankers’ Association) v Financial Services Authority and Financial Ombudsman Service [2011] EWHC 999 (Admin);
  • R (IFG Financial Services) Ltd. v Financial Ombudsman Service [2006] 1 B.C.L.C. 534;
  • R (Bruce) v Financial Ombudsman Service [2007] EWHC 1648 (Admin);
  • R (Williams) v Financial Ombudsman Service [2008] EWHC 2142 (Admin);
  • R (Cook) v Financial Ombudsman Service [2009] EWHC 426 (Admin);
  • R Heather Moor & Edgecomb v Financial Ombudsman Service [2008] EWCA Civ.642;
  • Office of Fair Trading v Abbey National plc [2010] 1 A.C. 696.
Tags:

This podcast examines the role of the Financial Services Authority and Financial Ombudsman Service in the regulation and enforcement and effectiveness of principles of fairness and reasonableness in the provision of financial services to consumers.

Podcast added: 09/02/12

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