Mis-selling and suitability issues now account for more than three-fifths of all new complaints made against financial advisers to the Financial Ombudsman Service (FOS), according to analysis from Oxford Risk.
The firm's review of the latest FOS data for the 2023/24 financial year revealed that 61% of the 1,459 new complaints received about financial advisers were related to mis-selling or the suitability of advice – marking an increase from 48% in the previous year. Oxford Risk has urged advisers to better leverage technology to personalise advice and boost client engagement, warning that failure to do so could result in poor outcomes and a heightened risk of complaints. Of the 892 complaints relating to mis-selling and advice suitability in 2023/24, 57% were upheld by the FOS. While this ...
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