FOS “on the same page” as advisers when it comes to resolving complaints
The Financial Ombudsman Service has claimed its expectations around suitable advice and insistent clients are clear, as its data shows advisers account for less than 1 per cent of all plaplaints.
In its annual review for the 2016/17 financial year, published today, the FOS says advisers accounted for 0.5 per cent of the total 321,283 new complaints received by the FOS over the last year.
The FOS says it is “on the same page” with advisers when it comes to resolving complaints, and sets out the efforts it has made to engage with advice firms. Prompted by the Financial Advice Market Review, the FOS has held several regional roundtables, as well as seven of the FCA’s Live and Local events.
In the review, lead ombudsman Caroline Mitchell says: “The roundtables have been particularly helpful in getting to the bottom of issues that cause uncertainty for advisers – for instance, what should be included in suitability reports, and how we’d approach cases involving “insistent clients” on the back of pension freedoms.
“We and the FCA have been able to explain that the regulator’s guidance in these areas is clear, and that if a business has done what it should, then there’s no need to worry.”
She adds: “We’ve really welcomed the honesty of conversations like these and look for ward to them continuing into next year and beyond.”