View more on these topics

Just 36% say FOS decisions consistent

Only one-third of firms believe that the Financial Ombuds-man Service’s decisions are consistent and just over half say its decisions are fair and unbiased, according to the FOS’s own research.

The scathing assessment of the ombudsman comes in its annual report for 2006/07, released this week.

It found that only 36 per cent of firms agree that the FOS’s decisions are consistent, 58 per cent agree they are fair and unbiased and 50 per cent say its role is essential for confidence in financial services.

Thirty-five per cent agree its service is good value for businesses which pay the case fees and 62 per cent agree it provides a good dispute resolution service for businesses.

For consumers, 59 per cent agree decisions on cases are fair and unbiased and 47 per cent agree it settles disputes within an acceptable length of time.

The report revealed that while the overall proportion of disputes involving IFAs fell slightly by 2 per cent to 12 per cent, the proportion of mortgage endowment complaints against IFAs rose by 4 per cent during the year to 21 per cent.

Mortgage endowment cases represent 83 per cent of complaints against IFAs compared with 79 per cent last year.

Spokeswoman Emma Par-ker says: “These results were not weighted and the bigger firms which have more cases and are in a better position to judge on issues such as consistency and value were far more positive in their response.”


FSA cautions advisers over equity-release commitment

The FSA says intermediary firms should stay out of the equity-release market if they cannot commit significant resources to back a push into this area.Speaking at the Mortgage Business Expo, retail distribution and mortgage team manager Sonja Dullaway said: “Firms must go into the market and commit to doing it properly or stay out and […]

Commission and the ABI

Money Marketing editor John Lappin replies to criticism from the ABI.

Bee plea rejected as debate is derailed

The Government has accused critics of personal accounts of undermining the interests of low to middle-earners in its response to pension guru Steve Bee’s online petition.The Prime Minister’s Office this week rejected a petition from Scottish Life head of pensions Bee calling for it to scrap auto-enrolment into personal accounts unless it could guarantee people […]

Price helped shape career

As one of the female IFAs who benefited from the approach taken at Fiona Price & Partners before its untimely demise at the hands of Destini/Thinc, I wish to respond to Christina Skinner’s letter. Prior to joining Fiona’s London practice in 2003, I possessed three university degrees (a BA, a master’s degree in philosophy and […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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