Professional Adviser TV: FOS inaction and claims culture 'draining' advice industry

He argued that the FOS is enabling a wave of opportunistic, unfounded complaints that are being weaponised by claims management companies (CMCs) at the expense of financial advisers. "We're witnessing a siphoning of resources from real financial advice into the hands of third parties exploiting a broken system. These firms are flooding the FOS with non-specific complaints that drain the energy and finances of advisers who've done nothing wrong," Bawa said. ‘A quasi-regulator with real-world consequences' In the letter, Bawa outlines how the FOS's current approach is creating "a lack...