The complaints themselves are vague, often not even mentioning a single piece of advice, product or date. Instead, Barry said, the CMCs rely on the fact that the FOS has an ‘inquisitorial jurisdiction’ to expand any complaint referred to them. “Essentially, they know that the FOS will do the leg work for them,” he said. “Consequently, the CMCs do not respond to letters from professionals requesting clarification or more information, as they know that the FCA-mandated eight-week period before they can refer the matter to the FOS, is slowly ticking away.”
