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Criticism of new watchdog

Investment Ombudsman Peter Dean has criticised the imminent Financial Ombudsman Service.

In his annual report, he says of his office: “The advantages of smallness mean that our attention and energies can be focused on the complainants and firms who look to us for a service rather than issues of hierarchy, office politics and internal regulations.”

The number of complaints received by the Investment Ombudsman rose by 9.6 per cent to 433 from 395 last year.

The total value of awards was 109,209, with the highest award being 14,415.

l The new watchdog is writing to every IFA in the country to invite them to a series of informal chats which aim to promote the ombudsman as a service advisers can use to help their businesses.

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