Around one in ten of the rising number of complaints made to the Financial Ombudsman Service concern advice given by independent financial advisers, the body reveals.
Details of the FOS’ 2005 annual report state of the 90,908 cases resolved in the year to March 31st 2005, life insurers and investment product providers received the most complaints, as they made up 42% of the complaints by sector, followed by 31% against banks and 13% against IFAs. Having only recently fallen under the FOS regime, mortgage and general insurance intermediaries are linked to just 2% of complaints. The FOS actually receives over 600,000 enquiries each year by phone and written correspondence, but is able to deal with many of these at an early stage either by supplying i...
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