Avoid Bank and Insurance Company Advisers

Avoid Bank and Insurance Company Advisers

According the Financial Ombudsman Service (FOS), the proportion of complaints about independent financial advisers (IFAs) has fallen threefold.  

The FOS revealed that complaints against IFAs made up just 4 per cent of overall complaints, compared to 12 per cent a year earlier.  This was linked to a sharp decrease in complaints about mortgage endowments.  However, complaints overall rose by 30 per cent.

Sir Christopher Kelly, chairman of the FOS said “This time last year we had hoped we were starting to see a downward trend in complaint numbers for the first time.  But instead, events during the year have led to the ombudsman service receiving record number of new cases”.

Our view

This can only mean that 96% of complaints are for non-independent financial advisers such as Bank, Building Society and Insurance Company representatives. 

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