FOS upheld majority of 2022/23 complaints around advice suitability

Defined benefit pension transfers the most complained about action

Hope William-Smith
clock • 1 min read

Close to two thirds (62%) of complaints to the Financial Ombudsman Services (FOS) about advisers’ mis-selling and suitability of financial advice in 2022/23 were upheld, new data shows.

The FOS has today (14 June) published new statistics on complaints relating to financial advisers over the last financial year. It resolved 884 complaints around advice suitability last financial year, with the uphold rate higher than for any other type of complaint related to advisers. Comparatively, less than a third (30%) of complaints about advisers relating to administration or customer service were upheld in the 503 cases the FOS resolved. A total 37% of the cases relating to charges, fees and commissions that the FOS saw last financial year were upheld, with the number of ca...

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