Half Financial Advisers Could Disappear
Published / Last Updated on 01/04/2019
The Financial Ombudsman Service (FOS) compensation limit has been increased from £150,000 to £350,000 with effect 01/04/2019.
Financial Advisers cannot contest and must abide be FOS rulings. Consumers can, in addition to accepting or declining the FOS decision, still take financial advisers to court.
- Claims we get bigger
- Losses are Professional Indemnity Insurers will get bigger
- Premiums will go up massively - current estimates 200% - to 500%
- Many financial advisers may be forced to close.
The cost of financial advice WILL go up (that's if you can find a financial adviser still trading).
