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FOS investments complaints increase 24%

The Financial Ombudsman Service is predicting there will be a 24 per cent increase in the number of investment and pension complaints over 2012/13 compared to the previous year.

Figures in the FOS’s plan and budget, published last week, show the FOS expects to have received 18,400 new investment and pension complaints by the end of the financial year, including mortgage endowments, up from 14,886 in 2011/12.

The number of resolved investment and pension complaints is expected to rise 20 per cent from 14,936 in 2011/12 to 17,800 in 2012/13.

It says stripping out pension and mortgage endowments, investment complaints are likely to increase 20 per cent from 8,172 to 9,800.

The FOS attributes the rise in complaints to continued market volatility, with consumers complaining that what they bought did not match the description given.

Investment Quorum chief executive Lee Robertson says: “There does seem to be a phenomenon of complaints increasing and decreasing in line with the way markets move. Sometimes clients can have a selective memory about what they were told initially when things go wrong at a later stage.”

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  1. Without some indication as to the sector/s from which these complaints are emanating, statistics such as this are of very little value.

    If the majority of them are against IFA’s, that’s a cause for concern amongst all IFA’s. If, though, the majority are against banks and other tied agents, perhaps IFA’s can draw some comfort. Are we, as a group, doing (even) better or worse (statistically) than we were, say, a year ago? I would hope the former, but from this article we just don’t know.

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