The Financial Ombudsman Service (FOS) has seen a significant increase in the number of historic complaints against IFAs.
Although the Ombudsman received fewer complaints about IFAs in 2017/18 than the previous year, it received many more about events that happened more than 15 years ago. The FOS received 1,678 complaints against IFAs in 2017/18, a significant reduction compared to the 2,197 in 2016/17, but it received 271 complaints where the event at the heart of the gripe happened more than 15 years ago. To put that into context, it received 161 of these types of complaints in 2016/17. The Ombudsman said it could solve 137 of these complaints on merit and, of those 137, 27% were upheld. Historical com...
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