Advisers report each other to FOS as often as CMCs

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...