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	Dick Crease
	Christiane Perera
	actuarialcalculations@oacplc.com
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	OAC Topical Article - Q2/08 Solvency 2: an introduction to QIS4
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	Mo.net: The future of financial modelling
	OAC: Solvency 2: preparing for regulatory changes
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Decisions by Financial Ombudsman Service

When FOS decides that an investor needs to be compensated it also directs how the compensation should be calculated but does not calculate the compensation itself.

Sometimes the calculation directive is unclear; sometimes it assumes that information can be obtained when in practice it cannot and occasionally it is a clearly inappropriate basis.

This gives a problem as once accepted a final decision cannot be overturned.

Understandably the regulated adviser will usually start by arguing that there is nothing wrong and no compensation should be due but fails to look closely at how it is directed compensation should be calculated. If either the compensator or the investor thinks that the compensation method is inappropriate OAC can advise on these matters if asked prior to the date a decision has to be accepted.

If FOS are told that OAC are advising they will usually grant an extension to the deadline for reply. OAC is also able to calculate the compensation as per FOS decisions and will if necessary and requested by our client, liaise with FOS where the direction is unclear or information is unobtainable.

Contact us to discuss how OAC can help you with understanding the appropriateness of the FOS desicion.