§ Mr. Bob RussellTo ask the Chancellor of the Exchequer what representations he has received on the appointment of an Investment Ombudsman to consider complaints relating to the handling of investments by banks and other financial institutions. [43311]
§ Mrs. LiddellComplaints relating to banks and other financial institutions authorised to do investment business under the Financial Services Act 1986 are currently dealt with by the PIA Ombudsman Bureau, the SFA Complaints Bureau and Arbitration Service, the Investment Ombudsman (for firms supervised by IMRO) and the FSA Direct Regulation Unit and Independent Investigator. The Government have announced plans to introduce a single Financial Services Ombudsman scheme as part of the planned legislation to reform the financial services regulatory structure. A number of representations194W have been received on these proposals, including in response to the Financial Services Authority's consultation on this issue.