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How to rein in spurious claims

Lorna Bourke is absolutely right to reiterate the earlier comments of Sir Howard Davies on consumer complaints (Money Marketing, July 31) that we are in danger of being overwhelmed by spurious claims. I have to say that, in recent times, my firm has received more than its fair share.

Ms Bourke has said it is difficult to see how to discourage behaviour of this sort but it would actually be very easy.

As you are probably aware, any complaint which is referred to the Financial Ombudsman Service ends up with the firm concerned paying a standard fee of £360, regardless of whether or not the case is resolved in favour of the firm or the complainant. I suspect that if complainants were advised that they would have to pay a similar fee if decisions went against them, the present very large volume of such complaints would reduce substantially.

Unfortunately, I feel the chances of the FOS taking such an approach are very small.

Glynn Downton Professional Investment Management Services, Maidstone, Kent


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Brexit Commentary from Natixis Global Asset Management

By David F Lafferty, CFA, SVP – Chief Market Strategist Thursday’s historic Leave vote in the UK will have both immediate and long-term consequences for the global economy and financial markets. The initial flight-to-quality reaction across asset classes has been exacerbated by the market’s misplaced confidence in a Remain victory leading up to the vote. Stock markets […]


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