From the Editor: In defence of the FOS

Scott Sinclair
clock

Last week, the financial ombudsman (FOS) published, for only the second time, the number of complaints against authorised firms referred to its office.

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...

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

More on Your profession

Autumn Budget 24: Labour pushes forwards with private school fees VAT

Autumn Budget 24: Labour pushes forwards with private school fees VAT

Change introduces 'new challenges' for families

Jen Frost
clock 30 October 2024 • 4 min read
Autumn Budget 24: Labour raises CGT lower and higher rates

Autumn Budget 24: Labour raises CGT lower and higher rates

CGT on residential property unchanged

Sorin-Andrei Dojan
clock 30 October 2024 • 2 min read
Autumn Budget 24: Labour hikes employers' National Insurance by 1.2 percentage points

Autumn Budget 24: Labour hikes employers' National Insurance by 1.2 percentage points

Threshold lowered to £5,000

Jen Frost
clock 30 October 2024 • 3 min read