APFA prepares to quiz FOS over 'inconsistent' rulings
The Association of Professional Financial Advisers (APFA) is preparing to challenge the Financial Ombudsman Service (FOS) this week over what it considers inconsistent case verdicts on advisers.
APFA director general Chris Hannant said the organisation would use its council meeting on Thursday, at which FOS interim chief executive and chief ombudsman Tony Boorman (pictured) will be present, to discuss its concerns about the FOS's adjudicating.
Hannant said APFA would also listen to any trends the Ombudsman has seen in adviser complaints and take onboard ideas on how advisers can better deal with the FOS when a case is found against them.
Boorman was due to attend APFA's September meeting but had to pull out due to family issues.
Hannant said: "Tony could not attend our September meeting so he is coming back to the January one. That will be one of the principal focusses for us in the meeting.
"[We will raise with him] the experience of advisers at the FOS, some of the outcomes that they experience and the sort of decision processes the FOS has.
"One of the other things we'll be trying to do is see what lessons we can learn to help advisers improve their [dealing] with the ombudsman where a case is ruled against them.
"If the ombudsman sees trends then it's worth understanding what those trends are."
In September Hannant said the FOS seemed to be leaning towards consumers in its decision-making and was inconsistent with its verdicts, meaning similar cases achieved different outcomes depending on who from the FOS adjudicated.
He also criticised the FOS for failing to abide by certain principles of law and for not giving firms a fair hearing.
However, Hannant re-iterated that the number of complaints against advisers that are handled by the FOS is low compared to other sectors.
FOS figures published in its annual review in May showed that complaints against advisers last year rose to a total of 4,139, with more than half of them being dropped.
Measured against the total complaints made to the FOS, adviser complaints represented 1%.
Boorman became interim chief executive of the FOS after Natalie Ceeney stepped down in November.
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