Some advisers facing claims at the FOS have used the compensation calculation process to manipulate and decrease the amount they pay out to former clients, Professional Adviser has been told.
Solicitor firm Clarke Willmott, which has handled hundreds of British Steel claims, has claimed that several advisers it has brought cases against on behalf of steelworkers have manipulated their fees and charges before calculating compensation owed to clients. Clarke Willmott has seen examples whereby the Financial Ombudsman Service (FOS) has upheld a complaint against an adviser and then asked the adviser to calculate compensation owed. In response, the adviser has cancelled their ongoing adviser charges, which ought to be factored in to the compensation calculation, without telling...
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