The number of mortgage endowment complaints against IFAs has fallen again this year, according to statistics from the Financial Ombudsman Service.
The FOS says the percentage of complaints against IFAs which relate to mortgage endowments has fallen to 77% this year from 79% last year.
The remaining 23% of complaints against IFAs concern a range of areas such as single premium investment bonds – traditionally the second largest area of complaint after endowments – and pensions.
Emma Parker, a spokesperson at the FOS, says this is positive news for IFAs because it shows the number of endowment complaints has reached a plateau and it is unlikely they will rise again.
The ombudsman’s annual review, published earlier this year, showed mortgage endowment cases against IFAs in 2005/06 fell slightly for the first time in recent years because time-bar rules were starting to have an impact on the number of new complaints it could look at.
The total number of complaints against IFAs makes up 15% of all complaints received by the ombudsman.
The FOS says it is keen to connect with groups of IFAs who may not be able to attend its conferences following meetings with the Women's IFA Group where it discussed issues such as complaints handling and claims management companies.
Parker states: "It was really interesting for us to meet a range of IFAs from very different sizes of firm who were keen to interact positively with the ombudsman service on a number of topics. We would be really keen to hear from other regional groups of IFAs who would like us to attend one of their regular meetings and who maybe have not had the chance to attend larger events where we have spoken before."
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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