View more on these topics

How well qualified are adjudicators?

The FSA has extolled the values of holistic financial planning. It has dictated the need for high levels of qualification. It insists that key features documents are distributed with each recommendation and, of course, it has approved those key features documents as authentic consumer-orientated information sheets which enable customers to assess the products which they wish to buy.

It is therefore extraordinarily bizarre that the Financial Ombudsman Service employs adjudicators that have no professional qualifications (at least, none displayed on their correspondence) and therefore cannot have any industry experience in accordance with FSA rules and regulations.

This demonstrates that they have no understanding of holistic advice, nor take it into consideration when reviewing cases.

Perhaps the most damning indictment of the FSA is the statement from adjudicators that “consumers cannot expect to understand or rely upon key features documents”.

There is clear evidence in our files that adjudicators make assumptions about clients’ circumstances, without any documentary evidence, and rely upon hearsay from complainants without evidence.

What future is there for highly-regulated, fee-based, extremely well-qualified holistic financial advisers?

Patrick McIntosh
KMG Financial,
Reigate,
Surrey.

Recommended

Clerical slashes with-profits bonuses

Clerical Medical has slashed bonuses on its with-profits policies, but MVRs have dropped by between 2 and 4 per cent from this time last year. Regular bonuses on its with-profits life policies have been chopped down to 0.8 per cent from 1 per cent last year while with-profits pension policy bonuses fall to 1 per […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]

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