View more on these topics

FOS and lawyer split on IFAs&#39 views

The vast majority of IFAs are happy with the Financial Ombudsman Service and feel comfortable with its complaints&#39 handling process, according to research from the FOS.

Its research shows that 85 per cent of IFAs feel they are able to challenge ombudsman adjudications within the organisation&#39s present framework.

It also found that only 14 per cent of IFAs feel the need to challenge ombudsman decisions once a judgement has been made.

The survey was sent out to 340 IFAs and completed by 147 of them.

Head of communications David Cresswell says these findings are in stark contrast with the perception of the ombudsman through the media and “a handful of outspoken personalities”.

However, Glasgow lawyer Alasdair Sampson of Drum-mond Miller has called on IFAs to band together and form a defence union against unfair ombudsman decisions, saying that the FOS findings do not match up with his experiences.

He says he has had around 80 calls from IFAs who say they are concerned with the FOS structure.

The FOS found that 75 per cent of IFAs feel the reasons that ombudsman complaints have been upheld are valid.

Sampson says of all the IFAs that he has been in contact with, only one has been happy with the ombudsman&#39s decisions they have been involved with.

Cresswell says: “This res-earch gives us a good idea of what firms who come in contact with us think about the ombudsman process. They indicate that the vast majority of IFAs are comfortable with the ombudsman process and believe that it is fair. The results have been surprisingly positive, considering the impressions you get from some outspoken critics.”

Sampson says: “Of the IFAs I have spoken to, the refrain has been dissatisfaction with the ombudsman&#39s staff, a questioning of their ability and frustration at the lack of an effective appeals&#39 process.”

Recommended

Labour spends money on advertising; we&#39ll spend it on pensioners – David Willetts

Speaking at the Conservative Party Spring Forum in Harrogate shadow pensions secretary David Willetts panned Labour for spending £47m on advertising means-tested benefits. He promised that his party would cut the advertising &#39explosion&#39 by the Department for Work and Pensions. Willetts said: “Why do you think there&#39s another expensive advertisement from the Government trying to […]

Personal Touch Insurance launches online conveyancing service

Personal Touch Insurance has launched an online conveyancing service, Personal Touch Conveyancing. The service is for intermediaries registered with PTI. PTI says it can save their clients up to 40 per cent on their conveyancing bills and for every completion the intermediary will earn a £50 fee. The service is provided in partnership with the […]

Lifetime allowance must be fair – ABI

The ABI has reminded Chancellor Gordon Brown that any decisions he makes about the proposed £1.4bn pension fund lifetime allowance must be both balanced and fair for present and future savers. Head of pensions and savings Joanne Segars says: “It is essential that the current complex and unwieldy tax regime governing pension funds is simplified […]

Skills council chief accuses critics of &#39a bad fact-find&#39

The new managing director of the Financial Services Skills Council has hit back at critics, saying they have done a “bad fact-find” on what the body is trying to achieve through its review of exams. The comments come in response to industry attacks alleging that the skills council&#39s approach is dumbing down the industry by […]

Bonds going bust? Not so fast….

In recent months bond bears have been reinvigorated, and market commentary suggesting “the end of the bond (bull) market is near” has become commonplace. We think these comments are premature. Explaining the global government bond sell-off October has seen renewed pressure on global government bonds, initially provoked by a Bloomberg article suggesting that the ECB […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com