FOS upholds half of complaints against networks

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Adviser networks had half of the complaints against them referred to Financial Ombudsman Service (FOS) upheld in the first six months of the year.

The latest results from the ombudsman also indicated a sharp increase in the rate of complaints upheld against private health insurers. Both Sesame (51%) and St James's Place Wealth Management (49%) were shown to have half of complaints against them upheld. In total, Sesame and St James's Place had 108 and 38 cases respectively brought in front of the ombudsman between 1 January and 30 June. The rates are slightly down on the last six months of 2009, but remain above the average uphold rate of 44% for all businesses. Openwork is the only other adviser network to appear in the li...

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