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‘FOS figures prove the worth of IFAs’

Aifa says the Financial Ombudsman Service’s annual review is a “clear endorsement” that customers are satisfied with IFAs.

Complaints against IFAs fell from 11,327 to 4,924 in 2007/ 08, down from 12 per cent of total complaints to 4 per cent, while complaints against banks rose sharply.

Director general Chris Cummings reiterated his call for the FOS to shake up the levy system so that those who receive the most complaints pay the “lion’s share” of costs.

He says: “This substantiates Aifa’s view that the vast majority of complaints brought to the FOS are related to large financial institutions and only a small proportion of complaints are generated by IFA firms. Aifa has been very vocal over the levy and case fees.”

Aifa has again called for 10 free cases to be awarded to all firms so the majority of advisers escape the £400 case fee.

Cummings says: “We are pleased that the FOS has accepted the need for greater transparency and is working on how to implement the procedures.”

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