The FSA has hit out at what is says is the "topical myth" IFAs only cause 2% of Ombudsman (FOS) complaints, and claims they caused more than double the pensions grievances banks did last year.
It argues the total figure for complaints referred to the FOS includes complaints about services and products, such as banking and credit, which are not provided by IFAs. Therefore this comparison, from which the 2% figure is taken, is not a fair one, it says. Instead, the FSA says it is fairer to look at data relating to products and services provided by both IFAs and banks, such as investments and pensions. Around 14% of new cases referred to the FOS in 2009/10 relate to these areas. This equates to 22,278 cases out of a total of 163,012, of which 50% of the total were upheld. ...
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