Claims representative FOS complaints against financial advisers fall

OPS cases take top uphold rate spot from SIPPs

Jen Frost
clock • 7 min read

The Financial Ombudsman Service (FOS) has recently been inundated with a barrage of complaints coming from professional representatives, but such cases brought against financial advisers fell in the last financial year.

Last reported quarter (Q1 2024/25 April to June), new FOS case reports across sectors surged by 70% year-on-year, to 74,645. More than half of these cases were driven by professional representatives, a jump on just 17% in the first quarter of the 2023/24 financial year. In contrast, the number of cases brought by professional representatives and claims management companies (CMCs) against financial advisers have been on a downward trend over the past three years. Cases brought against financial advisers dip with pensions remaining the top target Figures shared by the FOS in response ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Jen Frost
Author spotlight

Jen Frost

Editor at Professional Adviser

More on Regulation

FCA withdraws nearly 20,000 misleading financial ads in 2024

FCA withdraws nearly 20,000 misleading financial ads in 2024

Nearly double the amount in 2023

Isabel Baxter
clock 07 February 2025 • 1 min read
Lords committee urges FCA to call off 'damaging' name and shame plans

Lords committee urges FCA to call off 'damaging' name and shame plans

Report concluded that this is ‘not the way to regulate’

Isabel Baxter
clock 06 February 2025 • 4 min read
Regulator soft launches £2.5m firm checker tool to help protect consumers

Regulator soft launches £2.5m firm checker tool to help protect consumers

‘FCA Firm Checker’ is live for small number of users

Isabel Baxter
clock 05 February 2025 • 1 min read