View more on these topics

Sesame says complaints show need for sales split

The latest complaint statistics should galvanise the FSA into pushing ahead with its planned separation of sales and advice, says Sesame.

The Financial Ombudsman Service said last month that complaints against banks have soared by 30 per cent in the last year while complaints against IFAs have fallen from 12 per cent to 4 per cent of total cases.

Sesame executive chairman Ivan Martin says the findings provide further evidence that the regulator is right to entrust the reputation of the financial advice community to IFAs. He says: “These figures serve as a stark reminder to stakeholders in the retail distribution review debate that making a clear distinction between advice and sales will be fundamental to the success of reform. The RDR is not about the vested interests of players in the industry but the long-term ability of the UK’s financial services sector to play its part in the financial well-being of Britons.”

Martin says the big increase in complaints against banks reflects poor practices in the sector. He says: “A surge in complaints, no matter what the cause, underlines the fact that banks only do one thing – they charge what they can charge and sell what they can sell to whoever they can find to pay.

“The result is a rise in complaints that should be viewed as a vote of no confidence among thousands of UK consumers. It should galvanise resolve within the FSA that the banks cannot be trusted with consumer confidence in financial advice.”

Evolve Financial Planning director Jason Witcombe says: “The FOS figures reflect a vote of no confidence not only in the way banks operate but also their systems and ethos. I think that the FSA has taken this on board.”


Twin appeal to clear up pension limit

Trade bodies have written to the Government for clarification after ministers appeared to send out conflicting messages about annual contribution limits for pension personal accounts.

Ex-Edeus director joins Premier

Premier Mortgage Service has appointed former Edeus commercial director Martin Reynolds as corporate manager. He will initially work on a short-term contract and his remit will include developing new income streams for PMS.

Age concerns

Advisers who help clients plan for long-term care costs face a number of challenges.


What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.


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