View more on these topics

FOS must strike right balance

When Walter Merricks comments: “The rise in mortgage endowment complaints to the FOS is not necessarily a drive to higher standards by firms but a minimising of their payouts,” I presume this is based on facts – but even if only on hearsay, what about the percentages also given in this article?Twenty per cent of such complaints are referred to the FOS but no mention is made that the firms must have settled the other 80 per cent of the complaints.

The 20 per cent are the cases that are hard to determine. It would have been more interesting but less supportive of Mr Merricks’ point if he cited the percentage of that 20 per cent which were upheld by the FOS.

However, I was glad to see that Mr Merricks is acutely aware of the ambulance chasers and the dangers for the poor investor but it would have been more constructive to create the right sort of balance between IFAs and clients. But then maybe Mr Merricks’ remarks show where the balance lies.

This is not an easy environment to operate in and we should all be working together for a better future, recognising the lessons from the past. I would see the FOS as an arbiter of the last resort who is neutral, judging the facts as appropriate and taking no sides. Personal comments should be avoided in public conference unless this reflects the official role. But we do need the FOS as a fair arbiter.

MA Walker-SmithBy email

Recommended

Where are they now…

The shadow of former news editor Adrian Cammidge looms over 2004. He left the benevolence of the Fourth Estate to move to the “dark side” of PR. Just recently, we have heard he has since taken over the Aegon world and will hitherto be known as Darth “I am now a father” Cabbage and we […]

Five by five

BRISTOL & WEST MORTGAGES5.05% Five Year FixedType: Fixed-rate mortgageFixed term: Until March 31, 2010Fixed rate: 5.05%Minimum loan: £15,001Maximum loan: Up to 95% of valuation to a maximum of £150,000, up to 90% to £450,000, up to 75%of valuation subject to a maximum of £1mIncome multiples: Up to four times principal income plus second or 2.75 […]

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