Thursday 9 July 2015

Alternative Dispute Resolutions for Consumer Disputes


The Alternative Dispute Resolutions for Consumer Disputes (Competent Authorities and Information) Regulations 2015 SI No 542 came into force on 9th July.


Details of the Financial Ombudsman Service are already included in Terms of Business / Initial Disclosure Documents etc.  The new Regulation now also requires a statement to appear on Websites of "Traders" and a suggested wording is as follows :

"The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk." 

The definition of " Trader" is sufficiently broad to cover most "by way of business" activities and as a result you will need to add in this additional statement on the home page of your website(s).

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