Less than 2% of Arch Cru investors have so far taken a complaint about the advice they received to the Financial Ombudsman Service (FOS), it has been revealed.
The Financial Services Authority (FSA) yesterday set out its plans for a redress scheme for Arch Cru investors which could see advisers returning some £110m to clients. But while that scheme assumes that somewhere between 15,000 and 20,000 Arch Cru investors received a faulty recommendation, the FSA's consultation paper stated the FOS had only received 250 complaints about the advice they received. Complaints are usually referred to the FOS after the complainant and firm fail to reach a resolution. It is not known how many advisers settled client complaints without the involvement of ...
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