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FOS investigates 47 complaints against The On-Line Partnership

The majority of complaints relate to Sipps

Magnifying-Glass-And-Text-Kindle-Contract-700x450.jpgThe Financial Ombudsman Service is investigating 47 complaints against network The On-Line Partnership.

According to the FOS, the majority of the complaints are related to Sipps. It could not give further detail about the cases.

Money Marketing understands The On-Line Partnership is trying to negotiate settlements on the cases.

FOS confirmed the number after an email from it to an adviser seen by Money Marketing suggested there were “several” cases pending against the network.

It is understood at least one case relates to a pension transfer where the client’s money was invested in property in Brazil.

In the 2016/17 financial year, the FOS resolved 242 Sipp-related complaints against advisers, of which 64 per cent were upheld.

The On-Line Partnership and The Whitechurch Network, which trade collectively as In Partnership, are backed by asset manager Russell Investments.

The On-Line Partnership has around 275 CF30 regulated advisers, making it the 14th largest firm by advisers.

Advisers last year called for a change in the way the FOS reports its complaints data to stop the same large firms being named as having the most complaints.

Advisers said small firms that receive a lot of complaints relative to the size of their business do not come under scrutiny and suggested a per-capita reporting model, giving a complaints ratio per adviser per firm would be a more meaningful measure.

The On-Line Partnership declined to comment.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. I hope the FCA is looking into why so many of the above cases are actually at the FOS, I understand Compliance and Compliant supervision is the same across the Industry, if so Why may I aske, are they looking to “negotiated Settlements” Prior to an Ombudsman’s decision, having decline the Adjudications previously.

  2. Probably not SIPPs per se but unsuitable investments that happen to have been made via SIPPs.

    Used for accessing suitable investments for those for whom going a bit off-piste is appropriate, there’s nothing wrong with SIPPs.

  3. Robert Milligan 11th August 2017 at 1:28 pm

    Nothing wrong with SIPP’s at all, Correct, its the Adviser who faculties on behalf of unregulated individuals that gets so many into trouble, glad to see it one case above the Regulated Individual is no longer Regualted

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