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 ...
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