View more on these topics

…as figures show IFAs&#39 good record

Only 461 of 4,191 complaints made against IFAs reached an ombudsman, internal Financial Ombudsman Service figures have revealed.

Once in front of an ombudsman, IFAs&#39 chances are 50:50, with 231 of the 461 cases finding against the IFA. FOS head of communications David Cresswell says 1,676 cases last year were settled in conciliation, recording no outcome. Of the 2,053 that were resolved in adjudication before an ombudsman having to intervene, 1,416 – 69 per cent – were found in favour of the IFA. Cresswell says advocates of an ombudsman appeal process should consider these figures.

He says: “IFAs have a good record in front of us. Even at the final ombudsman stage, a provisional decision gets sent out first and parties have one last chance to petition, so it is intriguing that people are asking for more appeal opportunities.”

Aifa director general Paul Smee says: “This confirms that IFAs&#39 complaint record is good. I would not anticipate any appeal process would need to be extensively used but its existence would greatly increase the accountability of FOS.”

Recommended

Base rate increases by 0.25 per cent

The MPC voted today to increase the base rate by 0.25 per cent to 4 per cent. The increase was widely expected by the market which is widely predicting further rate rises. Portman Building Society group development director Matthew Wyles says: “This rate rise comes as absolutely no surprise – fasten your seatbelts – there […]

Emergency treatment for critical-illness cover

The critical-illness concept looks set to undergo surgery but in what shape will it emerge? Legal & General&#39s recent survey on the future of the market confirmed that IFAs are keen to keep the guaranteed model. Life Policies Direct director Jason King says only 28 per cent of its CI sales since the beginning of […]

US research centre forecasts house prices will continue to rise

A new index designed to predict changes in house prices suggests the property market will continue to head skywards, according to the Economic Cycle Research Institute. The U.S. research centre forecasts business cycles using composite indexes of economic indicators, says it has developed a home price index to gauge price pressures created by the housing […]

Revenue ready to look at passing on pensions

Personal pension funds could be passed to family members as death benefits after age 75 under an amendment to the simplification proposals being considered by the Inland Revenue. Revenue simplification head Peter Hopkins is understood to have reacted positively at a recent industry meeting to a proposal to redress the inequality between occupational and personal […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment