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Complaints to FOS double to 2,000 a week

Complaints to the Financial Ombudsman Service have soared to 2,000 a week from 1,000 this time last year.

The FOS had expected 1,500 new cases last month, leaving it open to claims by the industry that it has grossly underestimated the amount of complaints it will get this year.

FOS head of communications David Cresswell admits the industry has been telling the FOS it has been too optimistic about the number of complaints, saying trade bodies, life firms and IFAs all believe complaints will not fall this year.

In its last twice-yearly 12-month estimate in January, the FOS expected total complaints to be down to 83,000 in 2004/05 from 98,000 in 2003/04 and fall-ing further to 68,000 in 2005/06.

Cresswell says: “The industry is emphatic that there will be more complaints than we have forecast.”


Electra tops up

Downing Corporate Finance is raising up to £1,98m to top up the Electra kingsway venture capital trust (VCT). Electra kingsway was established in September 2001 and is managed by Electra Partners. It invests in a portfolio of unquoted and developing companies that are listed on the alternative investment market (AIM). The top-up investment will allow […]

FSA&#39s property fears dispelled

The FSA has stepped back from possible regulatory action against property investment schemes after its review dispelled fears that retail investors could suffer unexpected losses. The regulator was concerned IFAs and investors did not understand the inherent risks but its review has found most of the riskiest products were sold by specialist IFAs to a […]

Barclays ditches Woolwich IFA brand

Barclays is scrapping the Woolwich IFA brand and restructuring all its advisers into three tiers which will see its 600 IFAs operating in different segments of the market. Around 350 of the IFAs will operate alongside Barclays&#39 400 tied advisers serving the mass market with 200 in the high-net worth market offering independent advice to […]

Misselling scandal for equity release almost certain – Durlacher

Investment bank Durlacher says it expects an almost mandatory misselling scandal for equity release, which it says will be used to release funding for long term care, and to cover pension shortfalls. It predicts that the market for equity release will grow, and that the FSA will end up having to bring home reversion under […]


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