Consumer complaints about mis-selling and suitability of advice are continuing to rise and are increasingly being upheld by the Financial Ombudsman Service (FOS), Oxford Risk has found.
Most recent FOS data for 2022/23 shows 884 resolved complaints against financial advisers for mis-selling and or the suitability of advice, and almost two-thirds (62%) of all complaints were upheld. Oxford Risk noted that compares with 570 resolved complaints in the previous year when almost half (49%) of all complaints were upheld, while the previous year saw 573 resolved complaints and 47% upheld. Suitability and mis-selling "remain the most complained about issues for financial advisers and failure to address the growing regulatory focus will mean the industry heading for a new rec...
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