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DISP 2.5 Which firms are subject to the jurisdiction of the Financial Ombudsman Service?

Firms and VJ participants

DISP 2.5.1RRP

All firms are subject to the Compulsory Jurisdiction of the Financial Ombudsman Service. VJ participants are subject to the Voluntary Jurisdiction and to DISP 2 to the extent specified in the standard terms (DISP 4).

DISP 2.5.2GRP

Firms may, however, be exempt from the requirements of DISP 1 (Complaint handling procedures for firms) and FEES 5 1 24 (Financial Ombudsman Service funding), if they qualify under DISP 1.1.7 RR (Exemption).

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Members of the Society of Lloyd's

DISP 2.5.3GRP

The insurance market direction given in DISP 2.5.4 D is given under section 316(1) of the Act (Direction by Authority) and applies to members of the Society of Lloyd's.2

2
DISP 2.5.4GRP
  1. (1)

    2With effect from commencement, Part XVI of the Act (The Ombudsman Scheme), and in particular section 226 (Compulsory jurisdiction), applies to the carrying on of insurance business by members.

  2. (2)

    For the purposes of (1) 'insurance business' means the regulated activities of effecting or carrying out contracts of insurance written at Lloyd's.