View more on these topics

1,000 fewer advice firms receive FOS complaints

Caroline Wayman FOS

The number of advice firms that have received complaints to the Financial Ombudsman Service has fallen by more than a thousand in the last three years.

A Freedom of Information Act request from Money Marketing shows that in the 2013/14 financial year, 3,573 advice firms received complaints at the FOS. This fell to 2,889 in 2014/15, before falling again to 2,507 in 2015/16.

The FOS was not able to calculate the number and value of any redress payments ordered however.

It was also unable to calculate the length of time it takes firms to calculate redress, how long they take to return compensation once they have calculated, or the value of any compensation payments currently outstanding.

The response reads: “The Financial Ombudsman Service provides a business with guidelines as to how they should pay compensation back to a consumer, but does not take part in the calculation or process of this compensation being paid back. We normally advise a consumer that it can take between four to eight weeks for a business to pay them their compensation.”

The latest FOS data shows that Sesame received the most complaints between January and June this year, and had nearly a quarter of its 160 complaints upheld. Openwork and St James’ Place came in second a third place with 80 and 58 complaints respectively.

FOS only publishes data for firms who receive 30 new cases and close 30 cases in a six-month reporting period.




Exposing contradictions between the FOS and the courts

Recent judgements in two complaint cases – one in the courts and one by the Financial Ombudsman Service – have provided interesting observations around suitability, financial sophistication and risk appetite. In the legal case, the court produced a noteworthy approach as to how it may assess whether a professional has breached their duty of care […]


FOS chief urges advisers to tailor suitability reports to clients more

The Financial Ombudsman Service says advisers should take a more tailored approach to suitability reports as it sets out efforts to make the organisation less removed from the advice frontline. Speaking to Money Marketing, FOS chief executive and chief ombudsman Caroline Wayman says advice complaints have largely related to annuities and unregulated collective investment schemes […]


FOS and Pensions Ombudsman at odds over new Sipp complaints deal

The Financial Ombudsman Service and The Pensions Ombudsman are at odds over the status of a new agreement on how to deal with Sipp claims. After a year of discussions, the two complaints adjudicators have sent conflicting messages over whether or not a new charter would be drawn up to clarify which pension complaints each […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm