The Financial Ombudsman Service (FOS) is failing to take all evidence into account when ruling on complaints against advisers, and is sometimes not giving reasons for its decisions, advisers have claimed.
Research commissioned by the Association of Professional Financial Advisers (APFA) and carried out by NMG Consulting, showed a third of advisers (34%) who have had complaints brought against them said the FOS ruling did not take account of their evidence in all cases. One in 12 (8%) also said the reasoning for the FOS' decision was not always provided. Overall however, the complaints picture looked positive for advisers as almost half (47%) of those with FOS complaints against them felt most cases were found in the firm's favour. The FOS upheld less than half of complaints (42%) br...
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