A total 241 advice-based complaints at the Financial Ombudsman Service (FOS) relating to events that happened more than 15 years ago, according to the latest data from its 2019/20 financial year.
FOS data, published on Wednesday (3 June), showed the compensation service had received 1,635 new complaints about financial advisers in its 2019/20 financial year, down slightly from 1,915 in 2018/19. As a portion of all new complaints from 2019/20, those against advisers made up less than 1% of the total 270,000 it received. However, around 15% of those fresh complaints made against advisers were submitted about events that happened more than 15 years ago. In 2019/20 the FOS resolved 253 cases in total relating to complaints from a minimum of 15 years ago. The total resolution fi...
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