From the Editor: In defence of the FOS

It revealed – predictably given their sheer scale – that banks suffer a near-monopoly on consumer grievances. In fact a third of complaints – almost 30,000 – referred to the FOS in the second half of 2009 were against just three high street banks: Lloyds TSB, Barclays and the Bank of Scotland. The only financial advice firms to appear on its list were – surprise, surprise – among the largest out there. But even they paled into insignificance compared to the banks. Sesame, for example, an appointed representative network boasting some 3,000 advisers, had fewer than 100 complaints ag...