A far-reaching investigation by Professional Adviser has revealed the tiny percentage of advisers who have faced disciplinary action by regulators and professional bodies in the last six years, despite a backdrop of bad advice that has cost the industry £1bn.
Regulatory action has been taken against less than 1% of advisers since 2010. The tiny figure stands in marked contrast to the number of complaints about advisers upheld in that period by the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). Based on figures from 2010 onwards compiled by the Association of Professional Financial Advisers (APFA) last April, the average adviser population can be put at 24,400. In the last six years, the FOS has upheld 6,663 complaints against investment, life and pensions advisers. The FOS data is likely to i...
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