The Financial Ombudsman Service says it receives as many IFA complaints from other IFAs as it does from claims management companies.
In its ombudsman news, published yesterday, the FOS says it is unable to give audited statistics until next month but wants to indicate where complaints are made.
It states: “For cases involving IFAs and smaller businesses, as many disputes are referred to us by other financial businesses as they are by claims managers.”
Some IFAs are also claims firms and while the Ministry of Justice does not have up-to-date figures for the number of claims firms also FSA-regulated, in February 2012 it stood at 210.
Ombudsman news also revealed that four of 10 disputes are referred to it by businesses and six out of 10 by consumers