Advisers report each other to FOS as often as CMCs

clock •

Financial advisers are as likely to be reported to the Ombudsman by other financial businesses as claims management companies, it has been has revealed.

According to a spokesman for the Financial Ombudsman Service, the complaints often arose when specialist mortgage and investment advisers looked over a client’s financial history and spotted an apparently unsuitable product sold by another broker. He said: “Advisers really care about the advice that is given to people. What seems to happen is you go and see another mortgage broker or independent financial adviser and they will look at your finance and say ‘That isn’t suitable at all’. They bring the complaints on behalf of the consumer.” By contrast, claims management companies target...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advised clients want more personal investment communication

Advised clients want more personal investment communication

Four in ten say comms focused more on product than goals

Jenna Brown
clock 12 November 2026 • 3 min read
How economic abuse manifests itself in pensions, mortgages and protection

How economic abuse manifests itself in pensions, mortgages and protection

Second in a three part series

Shelley Read
clock 11 November 2026 • 5 min read
Celtic FP founder launches online admin platform for advisers

Celtic FP founder launches online admin platform for advisers

‘Developed by people who understand the industry’

Jenna Brown
clock 10 November 2026 • 2 min read