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 too was a source of contention 434 times, with an uphold rate of 32%. New compl...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
