FSA plays down 'absence' of IFA complaints

Head of investment policy Peter Smith said some respondents to the RDR consultation suggested individual advisers should be exempt from its minimum qualification requirements based on their complaints history. But while a complaints record may help to identify potential issues, it does not always indicate whether consumers have received suitable advice, he said. "Complaints are not made unless the consumer realises there is something to complain about," Smith said. "The absence of complaints is neither an objective measure of competence, nor of good quality advice." While IFAs are ...