Advice suitability complaints upheld by FOS head for record high

64% of all advice suitability complaints were upheld

Isabel Baxter
clock • 2 min read

Consumer complaints about mis-selling and the suitability of advice are continuing to rise and are increasingly being upheld by the Financial Ombudsman Service (FOS), Oxford Risk has found.

Most recent FOS data for 2022/23 showed 884 resolved complaints against financial advisers for mis-selling and/or the suitability of advice, with almost two-thirds (62%) of all complaints being upheld. Oxford Risk noted this compares with 570 resolved complaints in the previous year when almost half (49%) of all complaints were upheld, while the previous year saw 573 resolved complaints and 47% upheld. Suitability and mis-selling "remain the most complained about issues for financial advisers and failure to address the growing regulatory focus will mean the industry heading for a new ...

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