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).

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