Under the codes of conduct issued by the financial regulator, which applies to all investment firms and stockbrokers, firms are required to disclose in advance to all clients or potential clients, the basis on which their fees are calculated. Any alteration to this basis for calculation must also be disclosed to clients. As part of their contract with investment firms, clients would have to agree to these terms and conditions.
If a consumer has a complaint against a financial institution, he may contact the Financial Services Ombudsman. The ombudsman's office is an independent statutory body whose remit is to investigate, mediate and adjudicate unresolved complaints of customers about financial service providers. There is no charge for using the Financial Services Ombudsman and his office can deal with complaints related to conduct occurring up to six years before the complaint was made.
I am satisfied therefore that the interests of customers in this instance are appropriately safeguarded by existing regulatory arrangements.