FOS fears compensation culture for IFAs

Speaking at a conference for IFAs last week Walter Merricks, chief ombudsman, expressed concern the existence of FOS could encourage an "unhealthy propensity" among consumers to demand redress for every perceived loss. He told the IFA audience: “I don’t see that an unhealthy situation has developed – yet. But there are some warning clouds on the horizon.” Merricks said while most people have a genuine reason for complaining, there is a “growing public notion that you cannot expect justice from a financial firm without a lawyer or a claims specialist on your side”. Emma Parker at FOS say...