FOS upholds third of complaints about IFAs

Annual review published

Wayman: I hope the roundtables we’ve held with the FCA this year have gone a long way in giving reassurance that we’re on the same page, and always ready to talk."
Wayman: I hope the roundtables we’ve held with the FCA this year have gone a long way in giving reassurance that we’re on the same page, and always ready to talk."
  • Carmen Reichman
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The Financial Ombudsman Service (FOS) has upheld 36% of complaints about financial advisers in the past year, down from 40% in the previous year, its annual review has shown.

The report, published on 13 June, showed FOS resolved 1,602 complaints about IFAs in 2016-17, the majority of which were about self-invested personal pensions (SIPPs). FOS upheld 64% of the 242 IFA-related SIPP claims alongside 25% of PPI complaints; 43% portfolio management gripes; 39% personal pension problems; and 20% of complaints related to mortgage advice. The majority of resolved claims against IFAs were related to advice (1,094), where FOS agreed with the consumer in 39% of cases. Administration...

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