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

Canada Life to sell onshore bond business to insurance firm Chesnara

Canada Life to sell onshore bond business to insurance firm Chesnara

Strategic review prompts transfer as Chesnara expands life and pension portfolio

Sahar Nazir
clock 23 December 2024 • 1 min read
Happy holidays from Professional Adviser

Happy holidays from Professional Adviser

Regular newsletters and content will resume on 2 January

Jen Frost
clock 23 December 2024 • 1 min read
The state of financial vulnerability in 2024 and what 2025 holds

The state of financial vulnerability in 2024 and what 2025 holds

'Most firms are now heading in the right direction with their vulnerability processes'

Richard Farr
clock 20 December 2024 • 3 min read