IFAs 'responsible for 2% of complaints'

27 May 2010 at 16:37

IFAs 'responsible for 2% of complaints' Independent Financial Advisers (IFAs) were responsible for only two per cent of the complaints received by the Financial Ombudsman Service (FOS) in 2009-10, according to the latest reports.

In its annual study, the ombudsman said that IFAs were responsible for a smaller percentage of complaints than last year, when three per cent of grievances were directed towards them.

This is compared with banks, which were responsible for almost two-thirds of the total number of complaints received.

Overall, the FOS resolved a record total 166,321 disputes, an increase of 46 per cent on the previous 12-month period.

Highclere Financial Services partner Alan Lakey told Money Marketing: "It is great news for IFAs that the proportion of complaints against them has continued to fall. The FSA needs to recognise this." ADNFCR-3006-ID-19804682-ADNFCR

Related articles:

RBS chairman says Hester’s pay is low in comparison to top businessmen

03 February 2012 at 14:24

The chairman of the Royal Bank of Scotland (RBS) has claimed Stephen Hester’s pay is low in comparison to top businessmen.

FSA call for banker bonus reclaims over PPI scandal

02 February 2012 at 13:44

The Financial Services Authority (FSA) has called on Britain’s leading banks to reclaim bonuses paid to executives involved in the mis-selling of payment protection insurance (PPI), it has been exclusively reported.

FSA head says he never wanted the role

01 February 2012 at 15:12

The chief executive of the Financial Services Authority (FSA) admitted on Monday (January 30th) that he never wanted to take on the role, it has been reported.

Goodwin stripped of Knighthood

01 February 2012 at 11:51

The former chief executive of the Royal Bank of Scotland has been stripped of his Knighthood following an investigation led by the Financial Services Authority (FSA) that showed failings at the bank significantly contributed to the 2008 recession.

FSA had no jurisdiction to block ABN Amro takeover, Sants says

31 January 2012 at 15:20

Hector Sants has said the Financial Services Authority (FSA) had no power to prevent the Royal Bank of Scotland’s £49 billion acquisition of Dutch bank ABN Amro.