Complaints firms' activity must be curbed, says Aifa

The statement comes shortly after Clive Briault, managing director of retail markets at the Financial Services Authority (FSA), said as many as 40% of all endowment complaints are now going through CMCs. Responding to the Financial Ombusdman Service's (Fos) Corporate Plan and Budget 2006/07, Chris Cummings, director general of Aifa, warns that evidence suggests many complaints are being passed to the Fos by CMCs without any proper investigation or due consideration being given to the final decision letters drafted by the IFA firms involved. He adds: “It is essential that this activity...