Vince Smith-Hughes: FOS decisions - what can we learn?

Perfect hindsight

clock • 9 min read

Vince Smith-Hughes takes a deep dive into some retirement-related FOS decisions and urges advisers to learn from other people's mistakes, not their own (it is cheaper that way...)

A learned colleague often uses a phrase that his foresight is based on perfect hindsight. In effect, his first thought on what may or may not happen in the industry going forward is based upon what has gone before, and in particular what mistakes we have made. When it comes to avoiding complaints regarding advice my colleague's thinking seems like a sensible ploy - after all looking at what has gone before can help us ensure that our processes are as tight as they can be. In this regard, the latest Financial Ombudsman Service (FOS) data for 2020/2021 throws up some interesting insight...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA dismisses British Steel complaints after lengthy investigation

FCA dismisses British Steel complaints after lengthy investigation

Regulator acknowledges decision will be ‘disappointing’ for complainants

Jenna Brown
clock 22 April 2024 • 2 min read
Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read