Explanatory Note
(This note is not part of the Order)
This Order makes transitional provisions in connection with the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.1) Order 2003 (S.I. 2003/1475) and the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2003 (S.I. 2003/1476) (“the RAO amendment Orders”). Those Orders specify the activities of arranging and advising on regulated mortgage contracts and insurance mediation activities (dealing as agent in contracts of insurance, arranging deals in contracts of insurance, assisting in the performance and administration of a contract of insurance and advising on the merits of buying or selling a contract of insurance) as regulated activities for the purposes of the Financial Services and Markets Act 2000 (“the Act”).
This Order modifies Part 16 of the Act, which provides for the establishment of an ombudsman scheme (“the new scheme”). The Order provides for certain complaints relating to acts or omissions occurring before the commencement of the operative provisions of the RAO amendment Orders which would have fallen within the Mortgage Code Arbitration Scheme or the Dispute Resolution Facility established by the General Insurance Standards Council to be dealt with under the new scheme. Articles 3 to 11 set out various modifications of the new scheme, in so far as it applies to such complaints.
Copies of the Dispute Resolution Facility may be obtained from the Financial Ombudsman Service at South Quay Plaza, 183 March Wall, London E14 9SR. Copies of the Mortgage Code Arbitration Scheme may be obtained from the Chartered Institute of Arbitrators, International Arbitration Centre, 12 Bloomsbury Square, London WC1A 2LP. Copies of the Mortgage Code may be obtained from the Council of Mortgage Lenders, 3 Savile Row, London W1S 3PB.