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&#39IFAs caught in FSA and FOS rules trap&#39

The Financial Ombudsman Service rules in favour of private investors far too often, according to the Association of Private Client Investment Managers and Stockbrokers.

Speaking at an IFA conference in Geneva, chief executive Angela Knight said the FOS often forces advisers to pay compensation even though the adviser has acted legitimately, sensibly and ethically.

She said there was no longer a level playing field in the UK and expressed concern that advisers were caught between FSA and FOS rules.

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